The New Today

Local News

Statement from WRB Enterprises (WRB)/Grenada Private Power (GPP) regarding International Centre for Settlement of Investment Disputes (ICSID) Award

The GRENLEC Headquarters might be under new management if government buys out WRB Enterprises shares

WRB/GPP confirms that on Thursday, March 19, 2020, it received notification from ICSID of its Award in the arbitration between the Government of Grenada and WRB/GPP.

While the award document itself is quite lengthy, the salient points are as follows:

(i) The Government is to pay the WRB/GPPs Second Schedule Compensation assessed at USD $58,427,962;

(ii) The Government is to reimburse the WRB/GPPs for advances to ICSID in the sum of USD $239,972.37;

(iii) The Government is to pay the WRB/GPPs’ Attorneys’ Fees and Disbursements in the sum of USD $6,333,142.51;

(iv) The Government is to pay pre-Award and post-Award interest on the amount listed in (i) compounded annually from 3 May 2017 until fully paid;

(v) The Government is to pay interest on the amounts listed in (ii) and (iii) compounded annually from the date of the Award until fully paid;

(vi) WRB/GPP will reimburse GRENLEC the sum of USD $522,353.15 for legal and accounting services.

While we regret Government’s uncollaborative approach to electricity reform, which culminated in the passage of new legislation in 2016 and which resulted in this arbitration, we are pleased that the ICSID tribunal understood our case and has upheld the terms of the contract that we had with the Government.

We now expect Government to fulfill its obligations as set forth in the judgement. Until then, we will continue working with Grenlec’s management and staff to provide the people of Grenada with the top-quality electricity service that they expect and deserve.

If you are satisfied with the information provided by The New Today to our many readers, followers and supporters around the world, then you can show your appreciation by making a financial contribution to the effort of our team of dedicated workers.

Giving back is a way of saying thank you for our efforts

Support The New Today