Energas� S�A�� the electricity�generating joint venture enterprise operated by Sherritt� installed a system that uses waste exhaust heat to generate steam and produce electricity �called a combined cycle generating unit� at its Varadero facility in ����� In ����� this unit was granted Clean Development Mechanism �CDM� status under the provisions of the Kyoto Protocol by the United Nations Framework Convention on Climate Change �UNFCCC�� While the international framework containing the rules governing the CDM expired in ����� the continuance of the CDM post����� has been supported through a commitment by certain regional and domestic emission�trading markets to allow entities to use Certified Emission Reductions to meet their compliance obligations under these systems� Energas’s Varadero combined cycle facility produces lower GHG emissions for each gigawatt hour �GWh� of electricity than other facilities� reducing overall GHG emissions in Cuba� By the end of ����� ��������� tonnes of carbon dioxide emission reductions had been documented for the Kyoto credits� Of these� only ������� tonnes’ worth of credits have been issued� mainly due to delays in verification and approvals� An additional ������� tonnes have been approved and are ready for issuance� with ������� in the approval process for future issuance� At the end of ����� a further ������� tonnes covering the reporting periods of ���� �������� tonnes�� ���� �������� tonnes� and ���� ������� tonnes� were documented on a preliminary basis� The first Energas CDM project at Varadero was approved to receive credits over a seven�year monitoring period� To continue receiving CDM credits� Energas must apply to the UNFCCC for renewal for the Varadero facility� We will make a decision on whether to proceed with this renewal on the basis of current economics� revised processes and any benefits or drawbacks associated with the registration of our second facility that would qualify� the recently built Boca de Jaruco combined cycle generation site� Joint Fact Finding (JFF) is a multi-stakeholder process that involves subject-matter experts, decision-makers and key stakeholders working collaboratively to address community concerns, reach conclusions and recommend actions.