Unhappy with the performance of the Green Energy Market Securitization program (GEMS), which has largely failed to meet its mandate to help make solar photovoltaic systems affordable to underserved communities, the Public Utilities Commission issued an order on October 26 requiring GEMS loan repayments to be applied toward the replenishment of the Public Benefits Fee (PBF) instead of being returned to the GEMS fund.
Principal, interest, and fees associated with the $150 million GEMS bond float have been paid with an assessment on customer bills that comes at the expense of the PBF. The PBF, which funds Hawai`i Energy . . .
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