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DUE TO YUTU’S DEVASTATION
CUC collection plunges 60.47 pct.
CUC power revenue collection drops from $10.6M to only $4.2M
From $10.6 million in September, the Commonwealth Utilities Corp.’s power billing collection nosedived to just $4.2 million last November—a steep 60.47-percent decrease—in the wake of Super Typhoon Yutu’s devastation.
That makes it the lowest amount that CUC collected for power since October 2017, according to acting chief financial officer Corina Magofña in her recent presentation to the CUC board.
The $4.2 million in power collection is for the month that ended on Nov. 30, 2018, she added.
Power collection for the month of October 2018—when Yutu hit the CNMI—was $5.3 million, Magofña said.
CUC expects another significant drop in power collection this December.
Yutu struck Saipan and Tinian last Oct. 24 and 25.
Water collection last September amounted to $763,000; it dropped to $461,000 last November—a 39.58-percent decrease.
Last October, water collection was at $796,000.
Sewer collection was at $242,000 last September and it dropped to $115,000 last November, for a 52.47-percent decrease. Last October, sewer collection was at $239,000.
In total, Magofña said, power, water, and sewer collections for November totaled $4,765,902.
Other revenue sources—such as customer deposits, penalties, and miscellaneous—was at $71,248. This brought to the total collection to $4,837,150, she said.
Magofna said the actual total revenues for power, water, and sewer was $6.6 million, while the total projected revenues is $9.3 million—a 29-percent variance.
