The Department of Business, Economic Development, and Tourism (DBEDT) has issued its first “true-up” for the Green Energy Market Securitization (GEMS) bonds. The true-up, a required element of the program approved by the Public Utilities Commission, is a periodic accounting of funds received from the Green Infrastructure Fee, or GIF.
Those collections, which are paid by customers of Hawaiian Electric utilities on O`ahu, Maui and the Big Island, are weighed against the payments due on the $150 million bond DBEDT took out last November to finance the GEMS program. As Environment Hawai`i reported in March, GEMS . . .
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