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–    GPL needs another US$90M  to prepare for AmailaGuyana Power and Light Inc (GPL), is looking to spend some US$90M in Capital Works in order to prepare itself for the Amaila Falls Hydro Electric Project.This money was to be in addition to the US$36M that it would have deposited in an account to service its ‘Senior Debt’ to the Amaila Project for the purchase of electricity.This would also be in addition to the US$157.2M that Government had committed to Hydro Project.This brought the total financial commitments on the part of GPL and Government to a whopping US$1,041M or just over US$1B.Only three weeks ago the government had maintained that the overall cost of the Amaila Hydro Project would be US$858MThe additional US$90M expenditure would have been undertaken under its Development and Expansion Plan for 2013 to 2017.The Amaila Project has seen the power company committing to spend US$31M in works by the end of this year, US$25M next year,Washington Nationals Gio Gonzalez Jersey, US$12.1M in 2015,Ryan Zimmerman Nationals Jersey, another US$13.8 in 2016. The final US$8.3M would be spent in 2017, when the hydro project was slated to come online.While the power company was projected to spend US$90M over the coming five year period, it should also be noted that US$46M would have been disbursed on the transmission,Shayne Gostisbehere Team North America Jersey, substation and generation sub-projects by December 2012.This brings the overall investment in preparation for the Amaila Falls Hydro Project to US$136.14M.While over US$10M has been expended on non-technical loss reduction since 2006, this has only resulted in a reduction of losses by nine per cent.The strategic plan for the power company also acknowledged that the pace of progress over the last two years slowed considerably, suggesting that new approaches needed to be employed.The US$36M to service its ‘Senior Debt to Amaila, would have seen Government having to transfer this money to the power company.Former Auditor General Anand Goolsarran this past week said that Government would have had to make the transfer given GPL’s financial status.Goolsarran explained that while there is a Government Guarantee in place should GPL fail to make its payments to the Hydro Plant for electricity,Cody Whitehair Bears Jersey, this is only a last resort.He explained that the power company would have to tap into its reserve account first,Wizards Jersey, should it have a shortfall in revenue to make the payments.Should this money not be enough to meet any shortfall,Graham Knott Jersey, then the Government Guarantee would kick in.Goolsarran said that while there was expected to be some savings by purchasing electricity from the Hydro Power Plant,Los Angeles Dodgers Adrian Gonzalez Jersey, this would not have been enough to compensate all of the expenditure that will be required by the power company.Based on public pronouncements thus far, GPL was required to pay some US$122M to Amaila Falls Hydro Inc. each year, for the first 13 years of its operation.This US$122M figure, however, is not the total amount of money that GPL was required to rake in through its sale of electricity, given that it would still have had to keep a significant portion of its current generation plant online as well as other capital and administrative expenses.Under the arrangement with Sithe Global for the purchase of electricity from the Amaila Hydro Project, all debt currently owned by GPL would have had to take the back burner.Payments to Amaila Hydro Inc. would have become GPL’s ‘Senior Debt.’This meant that the power company would have had to treat as a priority, its payment to Amaila Hydro Inc.,Brandon Belt Giants Jersey, ahead of all other outstanding debt.US-based Sithe Global had also demanded that the Guyana Government ensured that GPL remains a monopoly for the sale of electricity and a majority government-controlled enterprise. Under Guyana’s law,Tony Dorsett Cowboys Jersey, monopolies are unlawful and this imposition by Sithe Global might not have been able to stand up in court.