Eastern Caribbean Energy Regulatory Authority project to be launched

CASTRIES, St Lucia — The Organisation of Eastern Caribbean States (OECS) Secretariat, in collaboration with the governments of Grenada and Saint Lucia, and the World Bank will host the official launch of the Eastern Caribbean Energy Regulatory Authority (ECERA) Project in early November.

This event is scheduled for the Grenada Trade Centre on November 7, 2013. Dr Keith Mitchell, prime minister of Grenada will deliver the address. Dr Kenny Anthony, prime minister of Saint Lucia has also confirmed his participation in this event and will deliver remarks.

The official launch of the ECERA project will attract energy sector policymakers from across the OECS, regional organisations, including CARICOM and CARILEC, renewable energy project developers and financiers, private sector representatives including electricity consumers, among others.

The key objectives of the launch are to:

• Give visibility and awareness to the ECERA project, including the objectives and benefits of the ECERA to the development of the energy sector;

• Foster information sharing as well as begin the process of sensitizing the populace about the ECERA Project and the ECERA as an institution; and

• Act as a vehicle to promote greater participation of the other OECS countries in the ECERA project.

The broad objective of the ECERA project is to establish and operationalize a regional approach to the development of the electricity sector in the participating OECS countries by supporting the establishment of the ECERA to serve as many OECS member states as possible.

The ECERA project will be implemented in two phases:

• The first phase, which involves the establishment of ECERA, will be implemented by the Organisation of Eastern Caribbean States Secretariat.

• The second phase, which involves the operationalisation of ECERA, will be implemented by the ECERA when established as a legal entity.

ECERA will broadly be responsible for regulatory oversight of the electricity suppliers, including utilities and independent power producers.

ECERA’s functions may include inter alia:

• The design and implementation of mechanisms to reduce electricity costs.

• The development of measures to reduce cost volatility by diversifying energy supply away from fossil fuels and ensure least cost investments in electricity supply.

• Setting rules for market entry and exit for producers of electricity from renewable energy sources and possibly licensing such producers.

• Setting performance based tariffs.

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