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CUC OKs release of $2.8M to replace a power engine
The Commonwealth Utilities Corp. board of directors has approved the CUC management’s request to release $2.8 million from CUC’s restricted funds to replace a power engine at its power plant on Saipan.
CUC acting executive director Betty Terlaje also disclosed Friday that management just shared information about a plan to extend CUC’s temporary power supply agreement with Aggreko for 18 weeks, and that the board did not act on it during the previous special board meeting.
Terlaje said the $2.8 million is now released, and the replacement for 1.5-megawatt engine is now being negotiated. “We only approved to unrestrict the fund so CUC can now have some power to negotiate an engine replacement, but there is no purchase yet,” she said.
With respect to Aggreko, Terlaje said there was no discussion on funding the planned extension of Aggreko’s contract.
CUC board chair Miranda V. Manglona stated in an interview Friday that they are still working on the Aggreko matter. “So if there is any other issues rhat we have to discuss, then we’ll meet again as a board, together with the management,” Manglona said.
In his presentation before the CUC board last May 12, CUC power plant manager Richard Cano spoke of the need to extend CUC’s power supply agreement with Aggreko for 18 weeks at a cost of $1.6 million.
Cano also held the presentation to justify the CUC management’s request for the board to release a total of $2.8 million from CUC’s unrestricted funds to “assist this critical situation.”
