Residential and commercial systems surpass 1.2 GW as unreliable grid pushes rapid adoption of solar and storage. #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.
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