How will 5-month energy credit extension be funded?

Democrat Speaker Therese Terlaje

The funds to cover the five month extension to the energy credit bill are said to have been found, however, the numbers don’t add up.

It looks like Guam Power Authority ratepayers might end up receiving another five-month extension to their monthly energy credit bill.

Democrat Speaker Therese Terlaje, who introduced Bill 83-37, put forth an amendment to the measure, which would appropriate $15.5 million from Fiscal Year 2022 General excess revenues and 10.5 million from FY 2023 excess revenues.

However, the sum of these appropriations stand a couple hundred thousand dollars less than the 26.3 million that were needed for the five month extension.

Based on calculations by the Pacific News Center, there’s still not enough funds to fully cover the five month energy credit. It is unclear what will be done to appropriate the remaining $260 thousand that were needed under Bill 83.

The legislature is set to resume session on May 9th at 10:00 a.m. at the Guam Congress Building to decide on the measure.

PNC reached out to Speaker Terlaje and has not received an answer as of news time.