Guam Power Authority revenue bonds bill expected to result in savings for ratepayers

In an effort to continue to roll over savings for ratepayers, the Guam Power Authority expressed support for a measure that would approve the terms and conditions of the issuance by GPA of revenue bonds to refund outstanding GPA revenue bonds.

Bill-262 going up for a public hearing at the Guam legislature today. 

Acting Chief Financial Officer John Kim presented testimony on behalf of the Power Authority's management. 

“If passed, Bill-262 will help GPA garner savings for Guam ratepayers. The current market condition provides an opportunity to refund all or a portion of the outstanding revenue bond, which is expected to result in potential savings for the ratepayers. GPA has three outstanding revenue bonds totaling approximately $443 million,” said Kim. 

The measure also states the Guam Economic Development Authority shall undertake its best efforts to cause a portion of any bonds issued pursuant to this act to be offered for sale in Guam, as well as in other jurisdictions, if and to the extent that such offer and any sales resulting from such offer do not increase the cost to the authority of issuing and repaying such bonds.