wp content uploads 2025 05 PSC Order No. 28 2012 Dockets 603 604 Emergency Rate Relief Approval..874db8dd
GOVERNMENT OF THE U.S. VIRGIN ISLANDS PUBLIC SERVICES COMMISSION In re Water and Power Authority's Emergency Petition for Approval Of Electric System Rate Relief Docket 603 And Order No. 28/2012 In re Water and Power Authority's Emergency Petition for Approval Of Water System Rate Relief Docket 604 eed FINDINGS OF FACT AND ORDER WHEREAS, the Commission, having received the Petitions of May 31, 2012 and the Amended Petitions filed June 28, 2012; and WHEREAS, the Amended Petitions contain testimony of the Authority's Executive Director and Chief Financial Officer; and WHEREAS, the Amended Petition for the Electric Department seeks $16.2M per year in additional revenues; and WHEREAS, the Amended Petition for the Water Department seeks $2.576 M per year in additional revenues; and WHEREAS, the Commission, having heard the testimony before this Commission of the Authority’s witnesses and the Commission’s technical consultants; and WHEREAS, the most recent base rate investigations of the Water Department (Docket 576) and the Electric Department (Docket 575) were conducted in 2009; and WHER …
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GOVERNMENT OF THE U.S. VIRGIN ISLANDS PUBLIC SERVICES COMMISSION In re Water and Power Authority's Emergency Petition for Approval Of Electric System Rate Relief Docket 603 And Order No. 28/2012 In re Water and Power Authority's Emergency Petition for Approval Of Water System Rate Relief Docket 604 eed FINDINGS OF FACT AND ORDER WHEREAS, the Commission, having received the Petitions of May 31, 2012 and the Amended Petitions filed June 28, 2012; and WHEREAS, the Amended Petitions contain testimony of the Authority's Executive Director and Chief Financial Officer; and WHEREAS, the Amended Petition for the Electric Department seeks $16.2M per year in additional revenues; and WHEREAS, the Amended Petition for the Water Department seeks $2.576 M per year in additional revenues; and WHEREAS, the Commission, having heard the testimony before this Commission of the Authority’s witnesses and the Commission’s technical consultants; and WHEREAS, the most recent base rate investigations of the Water Department (Docket 576) and the Electric Department (Docket 575) were conducted in 2009; and WHEREAS, these matters were filled as emergency proceedings, and the Commission seeks to prevent any harm to either the regulated utility or its rate-paying customers. WHEREFORE, the Commission now makes the following findings of Fact: A. The Water Department has failed to meet its bond obligations for debt service coverage for the past three fiscal years (ending 2009, 2010 and 2011) and without an increase in its revenues will fail to meet that coverage again in 2012. B. Ifthe Water Department fails to meet its bond covenants it may face action by the bondholders or bond trustees, and an immediate downgrade in its bond rating; C. The Electric Department is meeting its debt service coverage requirements. Both the Electric and Water Departments must make adjustments to their books to account for Other Post Employment Benefits (“OPEB”), costs which the Authority will have to pay for its retired employees other than direct pension costs, which costs must be reflected currently; and