Guam - The Consolidated Commission on Utilities during their meeting last night approved a request to increase the Levelized Energy Adjustment Clause by 17.27%. The increase if approved by the Public Utilities Commission would go into effect in February next year.
According to GPA's Chief Financial Office Randy Weigand, the significant rise of fuel costs to GPA over the past several months amounted to about $7M in under recovered expenses. The 17% increase equates to about an additional $34 an average consumer's power bill.
The CCU during their meeting last night also decided that it would like to use its $5.1M cut from the Bank of America and Securities Exchange Commission settlement to be used to offset the impact of the Working Capital Surcharge. If approved by the PUC this would delay GPA's proposed 2% rate increase that would have gone into effect next year until April 20.