The period of consultation and negotiations has ended and Petro Caribe has delivered its first shipment of fuel to Grenlec. This timely initiative represents a 2 ½% reduction in the cost of energy that in totality will result in a significant saving to all Grenadians. This arrangement is on a concessionary basis.

The Bolivarian Republic of Venezuela and the Governments of Antigua and Barbuda, Belize, Cuba, Dominica, Haiti, Jamaica, Dominican Republic, Guyana, St. Vincent, Nicaragua, St. Kitts and Nevis, Suriname, and Grenada comprise the “Parties” of the Energy Security Treaty PETROCARIBE (EST). The objective is to develop a comprehensive and sustained integration and cooperation process aimed at contributing to energy security in Grenada, Carriacou and Petite Martinique and the Caribbean as a whole.

The Government, in recognition of the worsening energy crisis worldwide, has taken the timely step of fostering regional energy integration, based upon the principles of Energy Cooperation among the “Parties.”  Government recognizes the strategic importance of energy for the sustainable development of our people and the urgent need to formulate and implement efficient mechanisms ensuring energy security for all.

It is important that we understand the potential of renewable energies for our economic and social development and recognize the need to establish a rational consumption pattern that contributes to preserving our non-renewable and exhaustible natural resources ensuring the sustainability of future generations. The aim is to promote an avenue of technological exchange to find new energy sources, developing the energy chain in order to favour its industrialization.

We must keep in mind that the international community is feeling the effects of the crisis. The geo-political position, where we have Iran and America at odds and the Turkish situation, warrants concern. We are seeing a weak U.S dollar on the other side of higher oil prices (US $90 to 92 per barrel) on the U.S market. With this crisis in the making, we have to look at the use of all renewable energy sources available such as wind, solar and geothermal, among others.

The Government continues its search for affordable energy. Like our generous social safety nets, we will continue to provide the conditions and means necessary to meet the needs for the supply of oil and its by-products to guarantee energy security and stability in our country. More on our website www.nnpnews.com      

NNP Perspective - week ending November 23rd, 2007

"Reflecting with Pride, Advancing with Vision"

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