Federal

'I Can't See That Happening:' Plaskett Skeptical About WAPA's Pursuit of Federal Funds for Reimbursement of Vitol Debt

During a press conference on Friday dubbed “Pen & Pad”, USVI’s Delegate to Congress Stacey Plaskett spoke to several local journalists about a range of topics, answering several questions along the way.  One of those questions was about her thoughts on the recent extension of the deadline for payment of the $100 million the Water and Power Authority still owes energy trader Vitol as part of a negotiated settlement. Ms. Plaskett first criticized the original deal, made back in 2013, between the two companies. “As an attorney, I find the agreement that was created to be just one that’s very, very concerning.” Ms. Plaskett dubbed the interest rate contained in that original agreement as usurious, and noted that the change orders attached to the contract resulted in a final bill that was more than double the projected initial cost of the project.  Turning to the settlement that was negotiated to put an end to the wrangling between WAPA and Vitol over how much is owed, Ms. Plaskett admit...