PREPA saves $312M via operational ‘transformation’
December 16, 2015
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.
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PREPA extends agreement with creditors to Dec. 17
December 9, 2015
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.
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PREPA extends contract with AlixPartners for $7.2M
November 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.
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Gov. García-Padilla submits bill to overhaul PREPA
November 5, 2015
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.”
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Popular, Oriental reduce exposure to government risk
October 26, 2015
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.
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Op-Ed: How can anyone trust another PREPA overhaul?
October 22, 2015
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.
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PR Energy Commission rejects rate increase petition
October 2, 2015
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.
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Justice asks SCOTUS to review validity of Law 71
August 24, 2015
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.
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Aguirre GasPort gets go-ahead from federal regulator
July 28, 2015
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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Senate OKs comprehensive energy subsidies reform
June 9, 2015
The Senate approved Monday Bill 1256, which proposes overhauling energy subsidies and obliges the government to pay its debts to the Puerto Rico Electric Power Authority.
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Public, private sectors back energy subsidy reform
January 28, 2015
About 32 percent of Puerto Rico Electric Power Authority customers receive some sort of a subsidy on their monthly bills, which is floated by those who pay the full rate.
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PREPA board appoints chief restructuring officer
September 5, 2014
The Puerto Rico Electric Power Authority announced Thursday that, following a competitive selection process, the Board of Directors has appointed Lisa J. Donahue as chief restructuring officer.
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Fitch: PREPA reform ‘still probable’ despite forbearance
August 20, 2014
Credit ratings agency Fitch said Tuesday it believes that a restructuring of Puerto Rico Electric Power Authority's debt obligations remains likely, despite the forbearance agreements between PREPA and certain of its creditors (including bondholders) signed on Aug. 14.
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PREPA reaches deal with creditors for payments due
August 15, 2014
The Puerto Rico Electric Power Authority announced Thursday that discussions with its creditors have resulted in agreements that provide the agency with a “consensual path forward to improve its operations and financial situation.”
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Economist: Solving PR’s power costs conundrum feasible
August 4, 2014
The island’s electricity costs — significantly high in comparison to most competitive economies — could be solved by making a series of difficult choices to fix the Puerto Rico Electric Power Authority’s escalating problems and take advantage of a new energy order that is driving down prices around the globe.
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