Bill to reduce power rates amended

by Ken Quintanilla

Guam - Senator Tom Ada introduced an amendment that would bring relief to ratepayers and reduce their power rates. According to Ada, he placed an amendment on the budget bill that would reduce power rates through a refinancing of the Guam Power Authority's bond obligations.

"The refinancing will also result in savings of about $9 million and that coincidentally is the same amount in the rate increases that GPA was allowed back in May of this year, so you'll basically just nullify that rate increase and at least cause the rates to be a lot lower," he explained.

Ada had earlier introduced Bill 484 that would authorize GPA pursue a refinancing of its debt and felt because it was a finance matter, introducing the amendment would speed up the adoption process. He also made other amendments that would use GARVEE bonds for the purpose of financing highway improvements along with appropriating $400,000 as a matching grant for the expansion of Veterans Cemetery.