Turnaround firm activated to oversee WAPA stabilization and restructuring

Government House said on October 8, 2024, that the Incident Command team had activated a turnaround firm to oversee the stabilization and restructuring of the Virgin Islands Water and Power Authority.

The administration said the firm was working with WAPA leadership on reforms involving financial oversight, infrastructure modernization and operational efficiency.

Government House said Ernst & Young had been enlisted to provide an assessment of WAPA’s financial condition, with its findings intended to guide steps to stabilize the authority’s finances.

Gov. Albert Bryan Jr. declared a State of Energy Emergency on April 22, 2024, citing energy production shortfalls in the U.S. Virgin Islands. Government House said the Incident Command team included Finance Commissioner Kevin McCurdy, Chief of Staff Kevin A. Williams Sr., WAPA Chief Executive Officer Karl Knight, managers in WAPA’s financial and operational divisions, VITEMA Director Daryl Jaschen and government policy advisers.

Official source: https://www.vi.gov/turnaround-firm-mobilizes-to-enhance-wapas-financial-stability/