Audit reveals $14M loss for GPA - KUAM.com-KUAM News: On Air. Online. On Demand.

Audit reveals $14M loss for GPA

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by Sabrina Salas Matanane

Guam - The Guam Power Authority reported a $14 million loss in Fiscal Year 2009 compared to a $10 million gain the previous year.  According to an audit released today by the Guam Office of Public Accountability, the loss was attributed to a combination of lower power consumption, higher fuel cost, increased capital costs and increased operating expenses.

The audit also made note of four significant deficiencies, including GPA's inability to maintain detailed cost records of $166 million for its property, plant, and equipment.

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