Grenada Electricity Co.

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Grenada Electricity Services Limited (GRENLEC) was a vertically integrated state-owned utility and the only power company in Grenada. The company is a monopoly, serving a customer base of 41,222 people as of 2008. The company was partially privatized in 1994 when the government sold a 50% equity stake for US$5.6 million to WRB Enterprises, a company located in Miami, Florida. In 1995, the government divested a further 40% of the company's equity to private investors. As of December 2008, 50% of GRENLEC's shares were held by WRB Enterprises Inc., with the remainder of the equity held by private investors (24.5%), GRENLEC employees (4.5%), Grenada National Insurance Scheme (11%) and the Government of Grenada (10%). After assuming the government of Grenada, the Mitchell Administration rejected the privatization, asked WRB Enterprise to renegotiate the agreement and threatened to renationalize the company. A settlement agreement between the company and the government was signed in 1998. At the end of 1996, the EIB provided a US$5 million, 12-year loan to GRENLEC to finance power generation expansion. In July 2005, the EIB signed another loan with GRENLEC, in the amount of US$6.2 million (EUR5 million), to further expand power generation capacity. In July 2008, GRENLEC's shares were listed on the Eastern Caribbean Securities Exchange (ECSE). Info to update the project can be found at http://www.grenlec.com/ Annual capex figures were converted from Eastern Caribbean Dollar to USD using IMF IFS annual average exchange rate, which was constant between 1994 and 2009: US$1 = 2.7 Eastern Caribbean Dollar