16 Oct 2008

CNMI's Senate President removes 250 million US dollar price tag for CNMI's power

8:19 am on 16 October 2008

The Senate President in the Northern Marianas, Pete Reyes, has penned legislation to remove the 250 million US dollar price tag set for the sale of the Commonwealth's power system.

The creation of an artificial price floor has been widely criticised and Mr Reyes's bill states it should be removed for the protection of the people.

He says any purchaser would have to recoup this investment and this would mean dramatically higher charges for customers.

The bill says the Legislature finds that maintaining this artificial floor will greatly harm ratepayers and the economy of the CNMI.