23 Oct 2008

Hidden costs to be removed from CNMI's power company says CEO

11:53 am on 23 October 2008

The Commonwealth Utilities Corporation in the Northern Marianas has lobbied a Senate committee to eliminate unfunded mandates and hidden costs imposed by the Legislature upon CUC.

Its executive director, Antonio Muna, says the Corporation welcomes the proposed removal of the 250 million US dollar price tag set by a recently passed law for the sale of the power system.

But he urged the lawmakers not to stop with this one amendment.

He says the extent of their concerns lies beyond the 250-million US dollar price tag.

He has reiterated that any company buying the corporation would eventually pass the cost of its investment to the customers.

Mr Muna said whatever is done should all depend on what the market can bear.