Today, the Government of Jamaica, through our Minister of Energy, Hon. Daryl Vaz, formally notified the Jamaica Public Service Company (JPS) of our intention not to renew the current All-Island Electricity Licence under its existing terms when it expires on July 8, 2027. This decision was conveyed pursuant to Condition 27 of the Licence, which gives the Government the legal right to acquire the licensed business upon the expiration of the licence term. It is not the intention of the Government to take over or operate the JPS. Rather, this notice opens the door for the Government to pursue new licensing terms and partnerships that are more aligned with the interests of the Jamaican people. The current licence was granted in 2001. It has since been amended in ways that, have not served Jamaicans well. Our citizens continue to pay some of the highest electricity rates in the Caribbean, with limited access to the benefits of lower-cost renewable energy. The structure of the existing agreement provides insufficient incentive for JPS to fully integrate renewables and instead continues to favour imported fossil fuels, which are costly and unsustainable. This moment presents the first real opportunity for the Government to reset the terms, to correct historical imbalances, promote a more competitive energy sector, and secure lower, fairer, and more sustainable energy prices for households and businesses alike.