USVI pays power debt

The government of the US Virgin Islands said it has paid long-overdue bills to ease a cash-flow crunch at the territory\'s electricity and water company.



Governor John deJongh said the government paid US$13.4 million to the Virgin Islands Water and Power Authority in the wake of soaring oil costs and the US credit crisis.



He said the government is trying to secure credit to bolster the company.



Skyrocketing oil prices have reportedly reduced debt service coverage at the utility over the past year, and forced it to raise rates.