Monday, October 8, 2007
Crisostimo: CUC needs private sector’s help MV 100907
A SENATOR has prefiled a bill encouraging the Commonwealth Utilities Corp. to engage with the private sector in a partnership to provide its customers with a more stable power supply.The still unnumbered Senate bill is titled “CUC Private Sector Partnership Act of 2007.”Its author, Sen. Luis Crisostimo, D-Saipan, said the measure will give CUC corporate power to seek bankruptcy protection from its creditors.The bill asks the Public Utilities Commission to review and amend Section 2 of Public Law 15-12 which states that the Commonwealth Development Authority is authorized to write off CUC’s principal loan of $45.5 million subject to 50 percent repayment by an independent power producer should CUC privatize its power operations.Crisostimo, the chairman of the Senate’s committee on Public Utilities, Transportation and Communication, said CUC can only recover with the help of the private sector.He said about $75 million of CUC’s revenue goes to pay for imported diesel fuel.“Recovery is possible, but recovery requires assistance and support from the private sector. The commonwealth and CUC must commit themselves to successful models of public-private sector partnership,” the bill stated.“These models range from privatization of management through performance management contracts, as undertaken in Guam, to privatization of an entire utility service regulated by a Public Utilities Commission as is common in the 50 states. By taking advantage of one or more of these models, the commonwealth and CUC can draw on outside financing and expertise from the private sector to meet — and resolve — the power crisis,” the bill added.
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