Puerto Rico-PREPA

IEEFA Research

IEEFA Puerto Rico: The PREPA Restructuring Plan Before Congress Is Not Realistic and Does Not Hold All Players Accountable

IEEFA Puerto Rico: The PREPA Restructuring Plan Before Congress Is Not Realistic and Does Not Hold All Players Accountable

Bondholders and Dealmakers Are Not Stepping Up; Citizen Ratepayers and Taxpayers Are Left Holding the Bag Under Proposal Before Congress

Puerto Rico’s electricity-system imbroglio is in the public eye today in Washington, where a house subcommittee is holding a public hearing on a plan to restructure the Puerto Rico Electric Power Authority’s staggering $9.5 billion debt. We’ve written a letter to the subcommittee chairman, Rep. Doug LaMalfa, detailing how the debt restructuring plan sells Puerto Rico […]

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IEEFA Puerto Rico: How to Play Hardball With Bondholders

Lessons for PREPA on Placing Customers (and the Economy) Ahead of Creditors

How much of its more than $8 billion in debt can the essentially bankrupt Puerto Rico Electric Power Authority pay back? A federal oversight board appointed four months ago to supervise debt restructuring for the entire Puerto Rican government offered up an indication last week. The board, empaneled in October under the auspices of the […]

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IEEFA Report: Debt Restructuring Deal for Puerto Rico Power Authority Will Not Restore Agency to Financial Health

Flaws Will Result in High Electricity Rates, Burden an Already Ailing Economy, and Prevent the Development of Renewables

CLEVELAND, Aug. 4, 2016 (IEEFA.org) — The Institute for Energy Economics and Financial Analysis published a report today warning of serious flaws in a debt restructuring deal for the Puerto Rico Electric Power Authority (PREPA). The analysis, by IEEFA’s director of finance, Tom Sanzillo, and Cathy Kunkel, an IEEFA energy analyst, concludes that the restructuring […]

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IEEFA Questions PREPA’s ‘Misguided’ Electric Plan for Puerto Rico; Notes High Risks and Costs; Sees Perpetuation of Import Addiction

Call for Energy Independence in U.S. Commonwealth

‘Extraordinarily Short Shrift to the Potential for Renewable-Energy Development and for Energy-Efficiency Improvements’ CLEVELAND, May 2, 2016 (IEEFA) — The Institute for Energy Economics and Financial Analysis has filed public comments recommending that the Puerto Rico Electric Commission reject the Puerto Rico Electric Power Authority’s plan to rebuild the island’s electricity system. The comments, which […]

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A U.S. Commonwealth Shortchanged in Its Utility Company’s Debt-Restructuring Deal

A U.S. Commonwealth Shortchanged in Its Utility Company’s Debt-Restructuring Deal

Puerto Rico Is Overlooking a Rare Opportunity to Seal More Favorable Terms and Pursue a Better Energy Policy

We’ve published a report today that shows how Puerto Rico is at risk of missing an important opportunity in its energy-development history and an important opportunity at a fair restructuring of the debt of its public power company. It’s the first independent assessment of a proposed deal between the Puerto Rico Power Authority (PREPA) and […]

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ESTUDIO DE IEEFA ENCUENTRA INADECUADA LA REESTRUCTURACIÓN DEL ADEUDO DE EMPRESA DE ENERGÍA PUERTORRIQUEÑA; VE OPORTUNIDADES  PERDIDAS EN ENERGÍA EÓLICA, SOLAR Y EFICIENCIA ENERGÉTICA

ESTUDIO DE IEEFA ENCUENTRA INADECUADA LA REESTRUCTURACIÓN DEL ADEUDO DE EMPRESA DE ENERGÍA PUERTORRIQUEÑA; VE OPORTUNIDADES PERDIDAS EN ENERGÍA EÓLICA, SOLAR Y EFICIENCIA ENERGÉTICA

EN ESPERA PARA DAR A CONOCER 11 A.M., JUEVES, 10 de SEPT.

SAN JUAN, Puerto Rico (10 de Sept. de 2015) — The Institute for Energy Economics y Financial Analysis dio a conocer hoy un informe concluyendo que la Autoridad de Energía Eléctrica de Puerto Rico (AEEPR) es demasiado generosa con tenedores de bonos en su propuesta reestructuración de su adeudo y corta de vista en sus […]

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More News and Commentary

IEEFA Puerto Rico: The PREPA Restructuring Plan Before Congress Is Not Realistic and Does Not Hold All Players Accountable

IEEFA Puerto Rico: The PREPA Restructuring Plan Before Congress Is Not Realistic and Does Not Hold All Players Accountable

Bondholders and Dealmakers Are Not Stepping Up; Citizen Ratepayers and Taxpayers Are Left Holding the Bag Under Proposal Before Congress

Puerto Rico’s electricity-system imbroglio is in the public eye today in Washington, where a house subcommittee is holding a public hearing on a plan to restructure the Puerto Rico Electric Power Authority’s staggering $9.5 billion debt. We’ve written a letter to the subcommittee chairman, Rep. Doug LaMalfa, detailing how the debt restructuring plan sells Puerto Rico […]

Read More →

IEEFA to Congressional Subcommittee on PREPA: Debt Restructuring Plan Before Congress Is Not Realistic and Does Not Hold All Players Accountable; Puerto Rico Left Open to More Financial Turmoil

Bondholders and Financiers Are Not Stepping Up; Citizen Ratepayers and Taxpayers Are Left Holding the Bag Under Current Proposal

March 22, 2017 (IEEFA) —The Institute for Energy Economics and Financial Analysis has written a letter to the chairman of a House subcommittee holding a public hearing today on a plan to restructure the Puerto Rico Electric Power Authority’s $9.5 billion debt. The letter, signed by IEEFA Director of Finance Tom Sanzillo, describes how the current proposal […]

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IEEFA Puerto Rico: How to Play Hardball With Bondholders

Lessons for PREPA on Placing Customers (and the Economy) Ahead of Creditors

How much of its more than $8 billion in debt can the essentially bankrupt Puerto Rico Electric Power Authority pay back? A federal oversight board appointed four months ago to supervise debt restructuring for the entire Puerto Rican government offered up an indication last week. The board, empaneled in October under the auspices of the […]

Read More →
and

IEEFA Puerto Rico: Time for an Electricity Inspector General

Regulator Has Little Reason to Trust PREPA’s Consultants and Executives

The rate case currently before the Puerto Rico Energy Commission is like none we have ever seen. As we outlined in a commentary a couple of weeks ago, the Puerto Rico Electric Power Authority seems to have no qualms about starving its electricity grid to pay its bondholders. An honest rate case requires a certain […]

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IEEFA Energy Swamp Watch: The Puerto Rico Electric Power Authority Would Starve Its Electric Grid to Pay Its Bondholders

IEEFA Energy Swamp Watch: The Puerto Rico Electric Power Authority Would Starve Its Electric Grid to Pay Its Bondholders

Peculiarities in a Proposed Debt-Restructuring Deal That Aims Only to Please Off-Island Interests

This blog starts a series we’re calling the IEEFA Energy Swamp Watch, in which we’ll describe the imprudence in some of the unseemly, wasteful and abusive financial practices we run across in our research. Most of the questionable activity we see is within the bounds of law—which is not the same as being within the […]

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Puerto Rico Commission, Facing Resistance, May Delay Rate Increases

Eva Llorens Velez for Caribbean Business News: While the Puerto Rico Energy Commission (PREC) is slated to establish on Jan. 11 a revenue requirement for the Puerto Rico Electric Power Authority (Prepa) and provide certain guidelines on rate hikes, it could also establish provisional rates and start a new rate hike process. During public hearings, […]

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and

IEEFA Puerto Rico: Electric Company, Off the Mark on Its In-House Outlook, Is Spending Twice as Much on Fuel Than Projected

PREPA’s Low-Balling of Oil Prices Will Drive Power Rates Higher; FY 2017 Total May Exceed Estimate by $600 Million; Agency Forecast Ignored Professional Consensus

The Puerto Rico Electric Power Authority is seriously underestimating the price of oil in the fiscal-year budget it put into effect on July 1. The result is likely to be higher-than-predicted and increasingly unaffordable power rates for residents and businesses of Puerto Rico, an island commonwealth that gets most of its electricity from oil-fired generators. […]

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Puerto Rico’s Electric Utility Says It Cannot Improve

Gerardo E. Alvarado León for El Nuevo Dia: The Puerto Rico Electric Power Authority (PREPA) needed 129 pages, supplements included, to establish and try to justify that they cannot comply with the Modified Integrated Resource Plan (IRP) approved by the Puerto Rico Energy Commission (PREC), which details the projects they should carry out over the […]

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New Questions in Puerto Rico Over ‘Illegalities, Disclosures and Accounting Issues’ at Utility Company

Robert Slavin for The Bond Buyer: A Puerto Rico government commission report raised concerns over debt-service coverage, illegalities, disclosures and accounting issues regarding $673 million of bonds issued by the island’s power utility in 2013. Puerto Rico Commission for the Comprehensive Audit of the Public Credit raised concerns over the 2013 Puerto Rico Electric Power […]

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In Puerto Rico, a Power Struggle Over Power Strategy

Robert Slavin for the Bond Buyer: The Puerto Rico Electric Power Authority will attempt to change the mind of the Puerto Rico Energy Commission concerning the Aguirre Offshore Gasport. At the end of last week the Energy Commission barred PREPA from spending more than $15 million on gas port and the conversion of the plant […]

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