Author Archive: Tom Sanzillo

Director of Finance Tom Sanzillo has 30 years of experience in public and private finance, including as a first deputy comptroller of New York State, where he held oversight over a $156 billion pension fund and $200 billion in municipal bond programs.

IEEFA update: Accountability for the banks, law firms, accountants and credit agencies that orchestrated Puerto Rico’s $72 billion debt crisis

An investigative report names names: Companies that profited from an island's fiscal despair are worth over $2 trillion

An army of high-priced talent from some of the world’s most prestigious law firms, accounting companies, investment banks and credit agencies provided the advice and counsel to the Puerto Rican government that paved the way to the commonwealth’s $72 billion debt problem. The same lawyers, accountants, bankers and credit-rating experts continue to have the ear […]

September 4, 2018 Read More →
IEEFA update: Divestment 101

IEEFA update: Divestment 101

A 10-point FAQ primer on a new mindset around energy sector holdings

The fast-moving evolution of the energy sector is changing investor minds and altering capital market flows. This shift raises as many questions about where things are going as it does about the status quo. A report we published earlier this summer—“The Financial Case for Fossil Fuel Divestment”—takes a stab at addressing the topic practically and […]

IEEFA update: The investment rationale for fossil fuels falls apart

An outdated mindset that no longer lives up to its hype

For decades, the fossil fuel sector literally fuelled the global economy and powered the world’s investment markets. This is no longer the case. The long-standing and now outdated investment thesis around fossil fuels—that such holdings would make large and reliable annual contributions to institutional funds—has crumbled. The sector now lags the broader market, and the […]

IEEFA op-ed: Who really owes Puerto Rico’s bondholders—and how much?

Investigation points to negligence and wrongdoing in both the public and private sector

One thing that jumps out from the Puerto Rico Financial Oversight Management Board’s (FOMB) recent report on the island’s debt quagmire is the backward nature of the process by which the powers-that-be are determining how much Puerto Rico’s residents will be on the hook for. The FOMB report, to its credit, lays out a history […]

August 24, 2018 Read More →

IEEFA op-ed: Plan to turn to imported natural gas will cost Puerto Rico dearly

More ratepayer-subsidized profits for companies well-represented in Congress

A series of announcements over the past couple of weeks by Puerto Rican officials signals a new—and misguided—push for greater reliance on imported natural gas for electricity production. If these plans come to fruition, they will saddle Puerto Rico with far too much expensive natural gas-generated power while crowding out cheaper renewable energy. The plan, […]

IEEFA update: U.S.-Canada trade tensions could scuttle Kinder Morgan sale of Trans Mountain Pipeline

IEEFA update: U.S.-Canada trade tensions could scuttle Kinder Morgan sale of Trans Mountain Pipeline

Political hurdles remain on government’s buyout of faltering project

The fate of the unfinished Trans Mountain Pipeline in western Canada may be determined 3,000 miles away — in Washington. The stalled project, designed to link oil-sands fields in Alberta with West Coast ports, would become nationalized under the terms of a deal announced in June that would have the Canadian government buy the pipeline […]

IEEFA update: New debt deal throws Puerto Rico under the bus

A reckless proposal to benefit creditors while sapping the economy

In a deal it announced this week between the Puerto Rico Electric Power Authority and some of its creditors, the federal Financial Oversight and Management Board, PREPA and the bondholders are only kicking the can down the road. The agreement means that businesses and households across Puerto Rico will be hit with a 10% increase […]

IEEFA update: An influential congressman impedes Puerto Rico’s recovery

Rep. Rob Bishop is interfering at the behest of oil and gas interests

Rep. Rob Bishop (R-Utah), chairman of the House Natural Resources Committee, has abandoned the sound fiscal stewardship that once made him a leader on fiscal solvency and responsible economic recovery for Puerto Rico. Instead, Bishop has succumbed to the special-interest quagmire in Washington and is now actively promoting unsustainable policies for the battered U.S. commonwealth. […]

IEEFA update: PREPA privatization law invites more contracting scandals

The door is wide open for conflicts of interest and political hires; New law will not lead to much-needed transformation of energy generation mix

The law that Puerto Rico enacted last month to privatize the Puerto Rico Electric Power Authority (PREPA) has many flaws, including labor protections that are too weak, an unnecessary restructuring of the Puerto Rico Energy Commission and a lack of commitment to strong energy planning. And it is likely to lead to more contracting scandals […]

IEEFA update: The U.S. coal industry’s war with itself

Company versus company, and skirmishes between regions

When the current presidential administration took office, one might not have expected it to be the beginning of a new coal war—of company against company, region against region—each seizing the industry mantle, but none representing it as a whole. Industry watchers knew it would try to use the keys to the kingdom provided by its […]

June 29, 2018 Read More →