The Grenada government says the new buyers of the majority shares in the island's electricity company must ensure there is a reduction in rates to consumers.
"We are going to pull out all stops to make sure that the new owners of GRENLEC will be people who are more sympathetic to the interest of Grenada, Carriacou and Petite Martinique," Prime Minister Dr Keith Mitchell said.
Over the weekend, the government said it had formally advised the US-based owners of the Grenada Electricity Company (GRENLEC) of its intention to purchase the majority shares in the lone power company.
WRB Enterprises had last month indicated it was giving the Mitchell government the first opportunity to acquire the shares.
An official statement said that the Grenada government had notified Grenada Private Power Limited, the locally registered company of the Florida-based WRB Enterprises of its intention to purchase the majority stake in GRENLEC.
Ownership of the utility company is distributed among Grenada Private Power, Belize-based Eastern Caribbean Holdings (ECH), the National Insurance Scheme, the Grenada government, and the general public.
The majority of WRB's stake is held in subsidiary Grenada Private Power, which owns 50 per cent of GRENLEC, while the government owns 10 per cent and the National Security Scheme, 11 per cent.
HIGHEST RATES IN THE WORLD
The price of electricity in Grenada is US$0.40 cents per kilowatt hour, which the government statement described as "one of the highest rates in the world".
"Whatever decision we have to take, we expect you to support us, because I am not going out there on a limb and hear people say the prime minister should not do that, because they might try to fight us and the only way they can fight us is if the people of Grenada support them," Mitchell said.
He said the government was not seeking to reclaim majority shareholding in GRENLEC, but was facilitating the buyout.
"Right now, there are about four buyers interested in helping us get back the control of this company" he said.