CCU wants more info regarding borrowing $100M for GPA - KUAM.com-KUAM News: On Air. Online. On Demand.

CCU wants more info regarding borrowing $100M for GPA

by Ken Quintanilla

Guam - The Consolidated Commission on Utilities met last night to discuss several resolutions aimed at improving the Guam Power Authority, however, there were a couple resolutions which did not gain approval.

GPA general manager Joaquin Flores told KUAM News, "I think everything was adopted that we want and there were a couple of resolutions related to borrowing another bond issue for another $100 million that was tabled until I come back with more information for them to review."

According to CCU chairman Simon Sanchez GPA planned to borrow in 2013 and rest in 2015 however the legislature expressed concern on whether they should borrow all at once or some now and some later. Sanchez says they are leaning towards borrowing all at once and will pick up the issue at the next meeting but would like to reconfirm what projects the money is intended for. At this point the $100 million will go towards bringing GPA small generators into compliance with EPA's Clean Air Act. As well as looking into the launch of liquid natural gas studies and the use of battery storage for renewable energy systems which will allow for stabilization of the grid and better handling of renewable energy.

He expects to come out with approval of the borrowing strategy at the next meeting and then present it to the Legislature.

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