82.1 F
Charlotte Amalie
Wednesday, August 10, 2022
HomeNewsArchivesWAPA Chief: Improved Bond Rating Shows WAPA on Track

WAPA Chief: Improved Bond Rating Shows WAPA on Track

Standard & Poor’s recent decision to improve its outlook on V.I. Water and Power electric system bonds from negative to stable (See related link below) is because the utility is on an improving trajectory, according to V.I. Water and Power Authority Executive Director Hugo Hodge Jr.

“The Water and Power Authority continues to take major steps forward in its overall strategy to reduce its dependence on oil to generate electricity, while at the same time, improving its efficiency while adding renewable energy sources to the power grid,” Hodge said, adding, “I anticipate that we will continue to see positive revisions to the outlook as we improve our competitive position through rate cuts for our customers and the steady progress being made to wean away from our once 100 percent dependence on oil in the production of electricity.”

While WAPA will continue to capitalize on the decline in oil prices in world markets, it will also continue to introduce lower cost propane powered generators and solar power to the electrical grid across the territory, Hodge said. “Through these means, we will avoid our exposure to the oil price swings that are so detrimental to the overall cost of electricity to all of our customers," he said in a statement.

The current rate of electrical service for residential customers is 39 cents per kilowatt hour and commercial clients are presently paying 42 cents per kilowatt hour, down from 51 cents for residential service and 56 cents for commercial users in September of 2014.

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.




Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.



FROM FACEBOOK

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
This message is only visible to admins.
Problem displaying Facebook posts.
Error: Server configuration issue