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.
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.
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.
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.
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.”
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.
BlueMountain Capital Management, LLC filed a lawsuit on Tuesday against the government of Puerto Rico, challenging the legality of a new law that allows certain public corporations to avoid their debts.
Standard & Poor's Ratings Services on Wednesday announced it has lowered its rating on Puerto Rico Electric Power Authority's power revenue bonds four notches to “B-“ from “BB,” further deepening the agency’s credit woes.
The cash-strapped Puerto Rico Electric Power Authority announced Monday it had reached an agreement with lenders who provide revolving lines of credit used to pay for purchased power, fuel and other expenses.
The Puerto Rico Electric Power Authority got a double-whammy from stateside credit ratings agencies, which separately downgraded the agency’s credit a day after Gov. García-Padilla announced a bill paving the way for the restructuring of fiscally troubled public corporations.
Gov. Alejandro García-Padilla announced Wednesday the filing of a bill to establish the framework to allow Puerto Rico corporations in fiscal troubles to conduct an organized restructuring of their debt.
The Puerto Rico Electric Power Authority’s chronic foot-dragging on allowing individuals and businesses to connect their renewable energy systems to the grid is causing the island to lose out on federal funding opportunities available from the U.S. Department of Agriculture’s Rural Development agency, this media outlet confirmed.
Fitch Ratings downgraded Wednesday the rating on $8.7 billion of the Puerto Rico Electric Power Authority’s power revenue bonds to “BB” from “BB+,” putting them at junk level. In addition, Fitch also placed the “BB” classification on rating watch negative.
The mess that the Puerto Rico Electric Power Authority is submerged has gotten out of control, and so has the and public discourse that tends to further confuse people complicating an issue that has some clear immediate remedies.
A major hurdle to marketing electric vehicles in Puerto Rico has been the absence of a network of charging stations, but a cooperative agreement between the Puerto Rico Electric Power Authority and Nissan Motor Co. signed Wednesday now paves the way for the introduction later this year of the first electric car: the Nissan Leaf.
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