HECO Customers Keep Paying Vig On Unused $144 Million in GEMS Fund

posted in: June 2016 | 0

For a short while earlier this year, it looked as though the $144 million in the state’s bond-financed Green Energy Market Securitization (GEMS) account might actually get used. Among the bills in the legislative package of Governor David Ige was a proposal to lend $100 million of that to the Department of Education. The money, he said, was to achieve his goal of cooling 1,000 classrooms by the end of the year.

To many, this seemed to fly in the face of the very rationale behind the GEMS program. When the Legislature established it in 2013, it . . .

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