WASHINGTON: GPA’s revenues decreased from FY 14 by $66.4 million, due to a 41 percent drop in the LEAC rate. Guam Power Authority’s FY 15 finances has revealed that due to failing global oil prices and a 41-percent reduction in the LEAC, GPA’s revenues and expenses dropped significantly from FY14.
GPA’s revenues decreased from FY 14 by $66.4 million, due to a 41 percent drop in the LEAC rate. On the bright side, GPA’s cost of fuel and production also dropped significantly by almost the same amount, $66.3 million.
Additionally, GPA saved an extra $9.1 million due to the termination of the contract with its private energy partner for Tanguission power plant. Some of GPA’s biggest projects in 2015 included replacing the smoke stack on the now defunct Cabras 3 and 4 power plants at $3.4 million and the construction of the Gloria B Nelson building at $34.5 million.
