Guam - The Consolidated Commission on Utilities made head way for both Guam Waterworks Authority and the Guam Power Authority which will in turn pass on savings to rate payers. According to CCU chairman Simon Sanchez the CCU approved the refinancing of GWA's 2005 bonds which was issued as part of court order. The refinancing has the potential to save rate payers $6 million to $8 million in interest fees. Sanchez says the borrowing will begin in July. Meanwhile two major procurements were approved for GPA. First for the procurement of 40 to 50 megawatts of additional renewable energy projects, renewable energy providers will be able to propose any solution whether solar or wind. Also approved was a proposal by Guam Community College to partner with GPA allowing for solar power to be put at the campus. One to three-mega watts of power will be generated reducing the school's power costs while also allowing GPA to buy the excess power creating less dependence on oil.