by Mindy Aguon

Guam - Island residents woke to some very good news for their pocketbooks this morning with the news that power bills could be going down just in time for the holidays. The Guam Power Authority successfully sold $339 million in bonds, equating to $10 million in savings that will passed on to ratepayers.

Consolidated Commission on Utilities chairperson Simon Sanchez says the sale strengthens the long-term financial position of the power authority. GPA will now file a petition for rate relief with the Public Utilities Commission. GPA general manager Joaquin Flores says the agency is hopeful the reduction in power bills will kick in as early as next month.

The closing of the bonds will be on the 18th.