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CUC: No FEMA reimbursements yet
Unreimbursed amount might be passed on to consumers
The Commonwealth Utilities Corp. has yet to receive reimbursements from the Federal Emergency Management Agency for the expenses they incurred due to the damage brought by Typhoon Soudelor.
In an interview, chief financial officer Matthew Yaquinto said they have about 15 project worksheets for FEMA.
About five worksheets have been approved so far for the “smaller” projects, according to Yaquinto, but they haven’t received any funds yet.
He added that a FEMA representative will be coming back on island for their worksheets and documentations.
Yaquinto said they will be spending over $20 million on Soudelor recovery projects alone.
Since FEMA will be reimbursing 90 percent of the costs, about $2 million will be paid by CUC, but the corporation might pass that on to consumers.
“It has to be in the rates,” Yaquinto said. “It will be on our rate case.”
Yaquinto said they will be discussing this with their consultants, economist.com, which will be coming in January.
“Based on our annual, it will be 1 cent a kilowatt hour,” Yaquinto said when asked what $2 million will look like when passed on to the consumer.
