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DUE TO YUTU’S DEVASTATION
CUC power revenue dipped 63 pct. in Dec.
From $10.6 million collected last September—before Super Typhoon Yutu struck Saipan and Tinian—the Commonwealth Utilities Corp.’s revenue from power plummeted to $3.7 million last December—a 63-percent decrease due to the typhoon’s devastation.
In her PowerPoint presentation to CUC board last Thursday about CUC collections for first quarter of fiscal year 2019, acting chief financial officer Corina Magofna said the $3.7 million collected in December 2018 is the lowest power revenue CUC has ever had in the last 16 months, or since October 2017.
According to Magofna’s presentation, the power collection in October 2018 reached $5.3 million and dropped to $4.2 million in November 2018.
CUC started to recover in January 2019, with its power billing collection going up to $4 million.
CUC expects its power billing collection for this month to significantly increase.
Yutu struck Saipan and Tinian last Oct. 24 and 25.
For water, CUC collected $763,000 last September and $796,000 last October. The collections then dropped to $461,000 last November, and $665,000 last December.
Last month, CUC’s water revenue collection improved to $901,000.
As of Feb. 7, 2019, CUC’s Yutu-related expenses has already reached $11.7 million, incurred from October 2018 to January 2019—a four-month period.
Magofna said CUC, however, received $8.9 million in reimbursement for typhoon-related expenses from the Federal Emergency Management Agency, bringing the unpaid balance to $2.8 million.
