by Mindy Aguon
Guam - The Port Authority of Guam is hoping the Public Utilities Commission will give the green light on its 5.6% interim rate increase. If approved, agency general manager Joanne Brown says the Port will be able to close a $10 million loan with the Bank of Guam to address essential maintenance of the F5 Wharf and the organic growth needs and improvement at the Port.
"Once the interim rate increase is hopefully addressed the next step for the Port - after that is to work on a five-year rate schedule which actually over a period of time will bring down the initial 5.6% request that we have up front," she told KUAM News.
The loan would cover other areas of the Port aside from the ongoing modernization projects that are funded by the U.S. Maritime Administration. The PUC is scheduled to meet tomorrow at 6:30pm in the GCIC Building in Hagatna.