Business

Settlement Agreement Between WAPA and BMR Energy Halts Direct Power Sale Proposal

A settlement agreement has been reached between the V.I. Water and Power Authority and Solar energy provider BMR Energy, which was reportedly on the brink of closure because of WAPA’s unpaid debts totaling approximately $4.5 million. On the agenda for the Public Services Commission meeting for Tuesday was discussion of a proposal for the company to earn revenue by selling power directly to large-scale consumers. However, that hearing was preempted – perhaps for good –  by the news of a settlement. “The settlement agreement requests us to suspend this petition indefinitely, essentially table the matter long term,” said PSC counsel Boyd Sprehn.  WAPA’s interim chief financial officer Lorraine Kelly confirmed that the agreement was signed on Tuesday morning. “The complaint was ultimately all about the fact that WAPA had not been paying the monthly bills,” Ms. Kelly noted. “They wanted a resolution to be able to make sure that we had committed in writing to making good on those payments....