Puerto Rico’s electrical system has failed to resolve core underlying problems that drove it to physical and financial ruin. #NewsismyBusiness
The Institute for Energy Economics and Financial Analysis (IEEFA) states this isn’t the first time that New Fortress has failed to keep its promises to investors and customers. #NewsismyBusiness
Earlier this year, IEEFA identified New Fortress as one of the greatest threats to the growth of renewable energy in Puerto Rico. #NewsismyBusiness
An analysis by Tom Sanzillo, director of financial analysis at the Institute for Energy Economics and Financial Analysis (IEEFA), and Cathy Kunkel, energy consultant at IEEFA. #NewsismyBusiness
There is a broad consensus among stakeholders on the need to transition to renewable energy. #NewsismyBusiness
In July 2017, the Oversight Board rejected a debt agreement for PREPA, explaining that the deal was not in the best interests of Puerto Rico. #NewsismyBusiness
The fundamental economics, however, are clear. Renewable energy saves money. Oil and natural gas do not. #NewsismyBusiness
Pension obligations to electrical system retirees are another urgent operating expense left unresolved by the FOMB’s plan. #NewsismyBusiness
The Oversight Board intends to file an amended plan in July to reflect the new projections. #NewsismyBusiness
The bankruptcy of Prepa, with more than $9 billion in unpaid bond debt and other obligations, represents one of the largest municipal debt restructurings in the United States. #NewsismyBusiness
The largest savings that Genera could realize would be from accelerating the island’s transition to renewable energy.
The new debt plan should be rejected.
A careful review of the 400 pages of explanation and the 96-page plan confirm why this plan is unsustainable.
Some members of Congress are now pushing for $5 billion to be allocated specifically toward rooftop solar and storage in Puerto Rico.
The Institute for Energy Economics and Financial Analysis (IEEFA) has repeatedly called for third party oversight of the whole operation.
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