Government of Dominica to acquire majority shares in DOMLEC

The Government of Dominica will acquire a 52% controlling interest in the Dominica Electricity Services Inc. (DOMLEC), effective March 31, 2022.

Wednesday, 30th March 2022

Roseau, Dominica: The Government of Dominica will acquire a 52% controlling interest in the Dominica Electricity Services Inc. (DOMLEC), effective March 31, 2022. Prime Minister, Roosevelt Skerrit made the announcement during a national address on Wednesday, March 30, following months of negotiations with the majority owner of the power company, Emera Inc. “I now have the privilege to announce that the Government of the Commonwealth of Dominica will on March 31, 2022, sign an agreement with Emera Inc. to purchase its 52% stake in DOMLEC. This means that from April 1, 2022, the Government and People of Dominica will once more hold controlling interest in DOMLEC. “The acquisition of DOMLEC aligns with our goals to build resilience in the energy sector through deliberate action to improve energy security, and strengthen growth and economic prospects. As part of our vision for a Dynamic Dominica, we are pursuing greater efficiency in electricity generation to meet our national target of 100% clean, carbon neutral energy by the year 2030,” the Prime Minister stated. PM Skerrit said the acquisition of DOMLEC’s majority shares corrects “an historic wrong” when, in 1997, the company was sold to a foreign investor by the United Workers Party (UWP) Government at a cost of $21 milllion. “This decision to sell was widely viewed as ill-advised, and against the best interest of the electricity consumers of this country. “This interest in the ownership of DOMLEC is predicated on the firm belief that our citizens are better served when the country’s main utilities, such as water and electricity, are in the hands of the State,” the Prime Minister declared. He said Government will seek to enhance the system for the generation, transmission and distribution of affordable and sustainable energy. “As a matter of priority, the Government of Dominica will undertake further upgrades of transmission and distribution lines and fortify operations at existing power plants, to deliver a more efficient electricity supply to homes and businesses. These targeted efficiency measures, along with cleaner more affordable geothermal energy, is expected to result in, lower utility bills, reduced cost of doing business, and job creation as a spillover effect.” The Dominican leader thanked Emera Inc. for an amicable and productive partnership; and invited the collaboration and support of the Dominican people in the creation of a more resilient and sustainable energy infrastructure and the provision of affordable, reliable electricity for all citizens and residents. The Dominica Social Security owns 21% of DOMLEC with the remaining 27% held by private investors. The Dominica Electricity Services Limited (DOMLEC) is the sole electricity utility in the Commonwealth of Dominica serving more than 35,300 customers.