PSC Puts Off Vote on WAPA Base Rate Hike

WAPA is looking for a rate increase:

May 8, 2008 -- After hearing the V.I. Water and Power Authority’s case for water and electric base rate increases, the Public Services Commission voted Thursday to postpone voting in order to gather more information and delay the impact on ratepayers.

WAPA Executive Director Hugo Hodge Jr. made an emergency request to increase the base water rate so WAPA can fend off the risk of technical default on $29.2 million in bond debt.

WAPA Chief Financial Officer Gregory Rhymer and Hodge said all payments are being made and there is no risk of any interruption in payments. The risk is of a technical default in the terms of the bond.

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