The Puerto Rico Telecommunications Regulatory Board on Friday shot down the Puerto Rico Electric Power Authority’s claims that the regulator lacks jurisdiction in a fight over rates and access to public utilities launched last year by Liberty Cablevision of Puerto Rico.
The Puerto Rico Bankers Association has called upon the legislature for the prompt approval of the Puerto Rico Electrical Power Authority Revitalization Act, which will enable the public corporation to complete the necessary restructuring process.
The Puerto Rico Electric Power Authority and its bondholder group announced this morning they have resumed talks, after walking away from the table nearly a week ago.
WASHINGTON — A restructuring deal between the deeply indebted Puerto Rico Electric Power Authority and most of its creditors came under scrutiny during a Tuesday oversight hearing here by the House Subcommittee on Energy and Mineral Resources.
A group of representatives for Puerto Rican consumers, businesses, industries, and workers warned Sunday that the legislative approval of the Puerto Rico Electric Power Authority Revitalization Act will deliver “a mortal blow” to the island’s already critical economic situation.
The Puerto Rico Electric Power Authority announced early Thursday that it has reached an agreement with creditors holding approximately 70 percent of its financial debt.
In the 15 months it has been working with stateside firm AlixPartners, the Puerto Rico Electric Power Authority has accrued $162 million in annual benefits, plus another $150 million in one-time benefits through a comprehensive operational overhaul, Chief Restructuring Officer Lisa Donahue told board members Tuesday.
The Puerto Rico Electric Power Authority announced Tuesday it has executed an amendment to its previously announced restructuring support agreement (“RSA”) with the Ad Hoc Group of PREPA bondholders through Dec. 17, 2015.
The Puerto Rico Electric Power Authority announced Monday it has extended its contract with AlixPartners through March 15, 2016, as the utility continues negotiation discussions with creditors and focuses on implementing a comprehensive transformation.
Puerto Rico Gov. Alejandro García-Padilla on Thursday submitted a bill to the legislature that proposes a sweeping overhaul of the Puerto Rico Electric Power Authority, with the goal of “providing clean and reliable energy at the lowest possible cost.”
Puerto Rico’s two largest banks — Banco Popular and Oriental — confirmed separately on Friday that they’re working to reduce their exposure to risk associated with the island’s government, which they have financed in different capacities over the years.
What is that saying? Fool me once, shame on you, fool me twice, shame on me. For over a decade the Puerto Rico Electric Power Authority (PREPA) has reached out to the bond market promising up-graded facilities, new cheaper electricity with natural gas, solar and wind. Time and time again, it didn’t happen.
The Puerto Rico Energy Commission issued a resolution Thursday denying a petition by the National Public Finance Guarantee Corp., which insures $1.4 billion in Puerto Rico Electric Authority bonds, for a rate review and establishment of a temporary rate increase of at least 4.2¢ per kilowatt-hour.
The Puerto Rico Department of Justice has petitioned the U.S. Supreme Court for certiorari, ruling the constitutional validity of the Public Corporation Debt Restructuring Act, which would allow the island’s public corporations to restructure their debts through an orderly process.
The Federal Energy Regulatory Commission has granted the go-ahead to Excelerate Energy to site, construct, and operate the proposed Aguirre Offshore GasPort Project in cooperation with the Puerto Rico Electric Power Authority.
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