13 Jul 2006

Pensioners asked to help CNMI power crisis

1:44 pm on 13 July 2006

The Northern Marianas administration says retirees have to help the power company whose financial woes have reached crisis point.

The government owned Commonwealth Utilities Corporation has no funds to pay for fuel to run its generators, which also need upgrading.

This week, the CUC introduced a roll out of power cuts in Saipan and Rota.

The spokesperson for the CNMI governor, Charles Reyes, says it has sought the U.S Office of Insular Affairs for urgent assistance.

He says the Retirement Fund should assist.

"What we're looking at right now is to secure a loan from the CNMI Retirement Fund of about 40 million US dollars which represents less than 8 percent of their total amount of securities right now. But of course there's lots of opposition and retirees don't trust CUC but it is a desperate situation."

Charles Reyes.

But retirees are resisting the administration's proposal, saying it is unfair.