Guam - The Guam Power Authority will sign a contract with Hyundai Corporation tomorrow for the supply of residual fuel oil for the next two years worth approximately $360 million annually. The contract will be effective September 1 and expire on August 31, 2015 with options to extend for an additional three years.
GPA spokesperson Art Perez said, "This represents the single biggest contract for literally the Government of Guam and a very important one as it involves the fuel oil contract to power up our generators."
At the last PUC meeting the fuel recovery surcharge or LEAC adjustment was reduced approximately 10%. It is this new fuel oil contract that made that possible.