Puerto Rico

IEEFA Research

IEEFA Puerto Rico: The Aguirre Offshore Gas Port Is Unbankable

PREPA Has No Viable Plan to Finance a $380 Million Project, Leaving Ratepayers to Absorb the Costs

At the heart of the Puerto Rico Electric Power Authority’s flawed plan to upgrade the island’s crumbling electricity system lies a proposed $380 million facility to bring imported liquefied natural gas into the commonwealth. PREPA, as the authority is known, has been promoting the project for years, even though it would mean a perpetuation of […]

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 […]

March 22, 2017 Read More →

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 […]

January 24, 2017 Read More →

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 […]

August 4, 2016 Read More →

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 […]

May 3, 2016 Read More →
Coal Won’t Solve the Energy Poverty Problem

Coal Won’t Solve the Energy Poverty Problem

Times Have Changed; Old Electricity-Generation Models Don’t Work Anymore

Coal-fired electricity is no longer the economy builder its proponents say it is. Time was when coal in fact did contribute to growth in many economies, but times have changed. Today governments and private interests worldwide concede—even emphasize—the economic and environmental dysfunction of coal. We’ve just published an IEEFA Briefing Note (“Energy Poverty, Then and […]

March 3, 2016 Read More →
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 […]

and September 10, 2015 Read More →
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 […]

September 10, 2015 Read More →

More News and Commentary

As Blackout Drags On, Uncertainty Over Whether Puerto Rico Will Modernize Its Grid

E&E: The facts also are that Puerto Rico remains a disaster area unlike  anything the nation has experienced in modern times, said Tomás Torres of the Institute for Competitiveness and Sustainable Economy of Puerto Rico. “After a month, 90 percent of the people of Puerto Rico are without power,” Torres said, interviewed as he traveled […]

October 20, 2017 Read More →

IEEFA Update: Where Puerto Rico Goes From Here

Modernize With Microgrids and Renewables or Rebuild the Status Quo? (Webinar: Tuesday, Oct. 24, 11 a.m. ET)

The future of Puerto Rico’s electricity system is on the line now as planners, policymakers, special interests, and politicians negotiate how the U.S. commonwealth will rebuild its shattered electricity grid. Long-running research by our organization  has documented how the Puerto Rico Electric Authority (PREPA) has been historically and chronically mismanaged and how it has been […]

October 18, 2017 Read More →

Puerto Rico’s 10 Biggest Vulture Funds (and the Individuals Behind Them)

In These Times: When Puerto Rico declared a form of bankruptcy in May, it was the largest municipal bankruptcy debt in U.S. history. Puerto Rico’s more than $74.8 billion in debt and $49 billion in pension system obligations surpasses Detroit, Mich.’s $18 billion bankruptcy in 2013. Much of that debt is interest. According to a […]

October 18, 2017 Read More →

Questions on Puerto Rico’s Montana Contract

The Weather Channel: Facing the destruction of almost its entire electrical grid after Hurricane Maria, Puerto Rico turned to a little-known Montana company to restore power rather than rely on a vast network of public power companies that usually comes to the rescue after disasters. Overall, progress has been slow and uneven, stoking concerns about […]

October 18, 2017 Read More →

Solar Industry Sees Post-Hurricane Opportunity in Puerto Rico

Bloomberg News: The solar industry has taken particular interest in San Juan in the aftermath of the hurricane. It’s primarily a humanitarian effort for these companies, but it’s also a chance to showcase an energy source capable of enduring natural disasters. Tesla Inc. is sending its Powerwall battery systems and Sunrun has sent more than […]

October 17, 2017 Read More →

IEEFA Update: Accountability for Puerto Rico’s Energy Must Be Baked Into FEMA Legislation

A Regressive Grid Rebuild That Will Only Cripple the Economy in the Long Term

As Congress contemplates how to craft emergency FEMA spending legislation for the U.S. commonwealth of Puerto Rico, it must do so with an appreciation for the rare opportunity the moment presents. Puerto Rico’s electricity system, still in tatters 22 days after Hurricane Maria and with no set date for recovery, can be brought into the […]

October 13, 2017 Read More →

Frustration in Blacked-Out Puerto Rico With Electric Company’s Resistance to Change

GreenTech Media: Three weeks since the storm, still only about 17 percent of Puerto Rico is with electricity. The lack of power has severely exacerbated a humanitarian crisis. Food sits rotting on shelves, the majority of hospitals are relying on generators, and with 40 percent of the island still without running water, the likelihood for […]

October 12, 2017 Read More →
IEEFA Update: Politics Is the Main Barrier to Solar Energy Independence in Puerto Rico
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IEEFA Update: Politics Is the Main Barrier to Solar Energy Independence in Puerto Rico

Tesla Inc.’s interest in turning Puerto Rico into a renewable-energy powerhouse is in its infancy, but the company’s experience with solar is not. The core challenges to bringing a sun-powered electricity-grid to the island are not in the technical constraints but in the political ones—the government’s historic tolerance for innovation and modernization is well known. […]

and October 10, 2017 Read More →

Ahead of Hurricane Maria, Puerto Rico Utility Was All But Broke Already

E&E News: The chief executive of Puerto Rico’s bankrupt electricity company says he did not ask for help from mainland U.S. utilities before and immediately after Hurricane Maria destroyed the island’s grid because the utility couldn’t afford to pay anybody back for equipment and manpower. Ricardo Ramos, chief executive of the Puerto Rico Electric Power […]

October 10, 2017 Read More →

IEEFA Update: Trump Says Eliminate Puerto Rico’s Debt: We Agree

Liability Must Be Apportioned Too, and Criminal Action Must Result

President Trump, who knows a thing or two about bankruptcy, says Puerto Rico’s public debt should be wiped out. We agree. The commonwealth owes bondholders somewhere on the order of $70 billion, with most of that debt tied to general-obligation bonds, revenue bonds and bonds issued by the Puerto Rico Electric Power Authority (PREPA). Ahead […]

October 6, 2017 Read More →