Block Island Times

BIPCo vetting multiple projects

There’s so much going on at the Block Island Power Company that some of the projects are experiencing bottlenecks. The governing arm of the power company, the Block Island Utility District Board of Commissioners, met for a full three hours on Friday, Feb. 28 to vet them all.
Utility District Treasurer Bill Penn expressed frustration with the slow pace of the financial audit, which must be complete by April 1 to satisfy the requirements of Cooperative Finance Corporation, BIPCo’s lender. “This is not moving smoothly,” said Penn, who predicted that draft financial statements would not be available until mid-March.
“We are not missing that CFC deadline,” said BIPCo President Jeffery Wright. He explained that not only were there several “data requests” from the R.I. Division of Public Utilities and Carriers regarding the rate case that needed responding to, but that the company was dealing with new auditors, as well as new technology. “It’s pretty overwhelming,” he said. “It’s starting from scratch.”
The rate case itself is going well, Wright reported. Although the Division had a couple recommended changes, they were minor and the company would not be filing a rebuttal

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