Wednesday, October 10, 2007
Speaker: Bill to subsidize CUC in the works (mv-101107)
SPEAKER Oscar M. Babauta says the House of Representatives will explore the possibility of appropriating subsidies for the Commonwealth Utilities Corp. to cushion the impact of its projected revenue loss following the enactment into law of a bill lowering residential electric rates through the Legislature’s override. Babauta, Covenant-Saipan, was among the 16 lawmakers who voted in favor of overriding Gov, Benigno R. Fitial’s veto on House Bill 15-246, or the Act to Establish the Electric Charges and Rates for the Commonwealth Utilities Corp.He said the House will put together a subsidy package for the corporation.“We’re aware of that. We have been forewarned,” said Babauta referring to CUC’s claim that the override of H.B. 150246 would negatively impact its ability to provide continuous power to the islands.“Right now the House is putting together a financial subsidy plan for CUC,” he added.When asked where they will get the money, the speaker said: “In the bank.” He said local funds will be tapped but did not elaborate how.Babauta was at the CUC office yesterday.The governor earlier said the cash-strapped government has no spare money to subsidize CUC for its fuel expenses.The previous administration subsidized CUC’s fuel purchases up to $2 million a month. In a separate interview, Vice Speaker Justo S. Quitugua said the House will insert provisions appropriating subsidies for CUC in the proposed 2008 budget.“We discussed inserting that in the 2008 fiscal year budget,” he said.Quitugua said although FY 2008 officially began on Oct. 1 and technically the government’s spending level remains at $163.5 million in the absence of a new budget, lawmakers can still work on a budget for the current fiscal year.“Our agenda in the meeting (today) is the budget. We can still work on the fiscal year 2008 budget,” said Quitugua.He said conditions will be set for the proposed subsidy including that CUC be more transparent in its finances.He said he will draft legislation requiring CUC to make a quarterly public report explaining how it spends its money.
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