“We (GPA) remain an investment grade utility,” stated Cora Montellano, Assistant Chief Financial Officer, “Moody’s has recognized GPA’s continued progress towards improving our financial position, cost cutting initiatives, as well as GPA’s operational performance.”
The Authority’s very strong liquidity profile and increase in its customer base resulting in a solid 2016 financial performance cited by the rating agency offset its susceptibility to weather-events and its recovery from the 2015 Cabras 3 & 4 event. Additionally, the planned diversification of GPA’s resource mix through the construction of a new dual-fuel 180MW power generation plant and the incorporation of utility-scale renewable energy generation and storage are factors that could lead to an upgrade of the utility’s bond ratings in the near future.
“GPA constantly examines ways to reduce the overall cost of energy service to its ratepayers,” remarked Montellano. “Strong bond ratings greatly assist the utility in maintaining stable rates as we continue to upgrade the island-wide power system and provide clean, reliable power.”
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