Guam Seeks to Extend $100 Monthly Energy Credit Program

Guam legislature considers extending $100 monthly energy credit program for 3 more months, using $15.8M surplus to provide $2,400 in relief to residents amid economic challenges.

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Safak Costu
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Guam Seeks to Extend $100 Monthly Energy Credit Program

Guam Seeks to Extend $100 Monthly Energy Credit Program

The Guam legislature is considering a bill to prolong the $100 monthly energy credit program for an additional three months, utilizing $15.828 million in government revenue surpluses. The program, known as Prugraman Ayuda I-Taotao ta Energy Credit, has already provided a total of $125 million in discounts to Guam Power Authority subscribers over the past 24 months.

Senator Therese Terlaje, the legislative champion of the program, is awaiting confirmation from the administration that there is a budget surplus of at least $15 million to fund the extension. The administration has confirmed that it is tracking a budget net surplus above $15 million, with a projected total surplus of $69 million for the fiscal year.

If approved, the extension would bring the total contribution to the energy credit program to $125 million over 24 months. The bipartisan bill seeks to use the surplus funds to cover the months of April, May, and June 2024. The bill's sponsors argue that the surplus belongs to the people and is needed now to help mitigate the economic impact of inflation and rising costs of goods.

Why this matters: The proposed extension of the energy credit program demonstrates the Guam government's efforts to provide direct financial relief to residents amidst economic challenges. The allocation of surplus funds towards this initiative highlights the prioritization of supporting households in managing their energy costs.

The program has successfully delivered over $110 million directly to GPA customers so far. With the proposed extension, each ratepayer will have received a total of $2,400 over the last two years. The bill aims to continue providing much-needed assistance to Guam residents as they navigate the ongoing economic pressures.

Key Takeaways

  • Guam legislature considering 3-month extension of $100 monthly energy credit program
  • Program has provided $125M in discounts to Guam Power Authority subscribers over 24 months
  • Surplus of $69M projected for fiscal year, with $15.8M to fund program extension
  • Extension would bring total contribution to $125M over 24 months, $2,400 per ratepayer
  • Program aims to provide financial relief to residents amid economic challenges and inflation