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WAPA Board Approved No. 2 Fuel Oil Supplier in Special Meeting

(Tuesday, August 18, 2015)

In a special board meeting on Tuesday, August 18, the Virgin Islands Water and Power Authority’s Governing Board gave authorization to WAPA Executive Director Hugo V. Hodge, Jr., to enter into a contract with Glencore, Ltd. for the supply of No. 2 fuel oil. The contract, for a period beginning September 1, 2015 through March 31, 2016, was awarded to Glencore Ltd. after the RFP process was unable to yield an appropriate vendor.  Because of the importance of securing a fuel supplier in a timely manner, the Authority proceeded to secure qualified companies and negotiate the lowest possible price.  The cost to be paid for fuel is based on the formula of 50% Platts, 50% Argus US No. 2 WBM Indices + a $14.41 premium per barrel.

With the implemented contract with Glencore Ltd, the Authority will be able to maintain the most beneficial, reliable and uninterrupted fuel supply needed for power generation, at the most economic and favorable terms.

Board members in attendance at Tuesday’s Special Meeting were Chairman Atty. Gerald Groner, Vice Chair Juanita R. Young, Secretary Noel Loftus, Cheryl Boynes Jackson, Elizabeth Armstrong, Internal Revenue Bureau Director Marvin Pickering and Dept. of Public Works Commissioner Gustav James.