Prime Minister Skerrit revealed on Monday, that majority shares were acquired in DOMLEC) by government at a price of EC$13.5Million.He said “Emera proposed to sell their shares at the market price listed for DOMLEC shares on the Eastern Caribbean Stock Exchange, which is EC$3.50 per share. At that price, the Government would have had to pay a total of EC$18.9 million for these shares. Skerrit told the House of Assembly on Monday, he is happy to report to the House, and to the people of Dominica, that following months of intense and cordial negotiations, Government purchased the shares at a total of US$5.0 million, or EC$13.5 million, which is $5.4 million, or 28.6% less than the listed value.
On March 31, 2022, the Government of Dominica purchased 5,407,394 or 51.9% of DOMLEC’s shares from Emera Inc. He added that a new transmission network is being built to relieve pressure on DOMLEC’s network, reduce losses and increase reliability; allow for the efficient and resilient transmission of hydroelectricity from the Roseau Valley; and provide resilience to DOMLEC’s electricity network, thereby minimizing the damage caused by hydro-meteorological events and allowing for the quick reinstatement of power in the event of damage. MrSkerrit went on to speak on the impact of the Russia-Ukraine War on the current cost of petroleum and petroleum products, resulting in a corresponding increase in the cost of electricity. He emphasized that the government is doing everything within its control to reduce the impact on families and businesses. He said they have urged the Independent Regulatory Commission (the IRC) to accelerate its review on the electricity tariffs, while the Government continues to push on to build and commission a geothermal plant. We are confident that with a reduction in the tariffs by the IRC, we can experience a reduction in the electricity rates.
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