Author Archive: Cathy Kunkel

Energy Finance Analyst Cathy Kunkel has written reports and given expert testimony on the finances of Appalachian natural gas pipelines and drilling; electric utility mergers, rates and resource planning; energy efficiency; and Puerto Rico’s electrical system. She has degrees in physics from Princeton and Cambridge.

IEEFA Puerto Rico: Los actuales disturbios son la culminación de una larga historia de deuda y corrupción

Estados Unidos tuvo papel en el legado de tráfico de influencia política

24 de julio de 2019 (San Juan, PUERTO RICO) – El gobernador de Puerto Rico Ricardo Rosselló renunció hoy, la culminación de más de una semana de continuas protestas en la Isla. Todos los sectores de la sociedad puertorriqueña unidos en el intento de sacar a Rosselló. Más del 10% de la población marchó por […]

July 29, 2019 Read More →
IEEFA Puerto Rico: The current unrest culminates a long history of debt and corruption

IEEFA Puerto Rico: The current unrest culminates a long history of debt and corruption

U.S. role to blame in legacy of political influence-peddling

July 24, 2019 (San Juan, PUERTO RICO) – Puerto Rico has experienced a remarkable week, culminating in mass protests that have received wide coverage in the U.S. media. All sectors of Puerto Rican society have united in an attempt to unseat Governor Ricardo Rosselló. More than 10% of the entire population of the island marched […]

July 24, 2019 Read More →
IEEFA Puerto Rico: Despite the scandal, FOMB is still rushing through an unaffordable debt deal

IEEFA Puerto Rico: Despite the scandal, FOMB is still rushing through an unaffordable debt deal

Oversight Board admits scandal is a problem, but then ignores it

On Friday July 12, José Carrión, chairman of the Financial Oversight and Management Board (FOMB) for Puerto Rico, noted that the recent corruption and other scandals over the past couple of weeks would negatively impact the island’s economic recovery and has tarnished the image of Puerto Rico’s government. But despite recognizing the seriousness of the […]

IEEFA Puerto Rico: A pesar del escándalo, JSAF sigue apresurando un acuerdo de deuda inasequible

IEEFA Puerto Rico: A pesar del escándalo, JSAF sigue apresurando un acuerdo de deuda inasequible

La Junta de Supervisión admite que el escándalo es un problema, pero luego lo ignora

El viernes 12 de julio, José Carrión, presidente de la Junta de Supervisión y Administración Financiera (JSAF) de Puerto Rico, señaló que la reciente corrupción y otros escándalos del último par de semanas impactaría negativamente la recuperación económica de la isla y ha empañado la imagen del gobierno de Puerto Rico. Sin embargo, a pesar […]

IEEFA Puerto Rico: What the corruption scandal means for the Puerto Rico Electric Power Authority (PREPA)

Needed: Independent inspector general (IPSIG) and review of all contracts

The Puerto Rican government has imploded spectacularly over the last two weeks. Multiple cabinet-level officials have resigned or been fired, and former cabinet officials have been arrested in an FBI corruption probe. The scandal has led to an overwhelming call for Governor Ricardo Rosselló to resign. Two former cabinet officials, as well as several individuals […]

IEEFA Puerto Rico:  43 members of Congress declare the PREPA deal fatally flawed – they are right

IEEFA Puerto Rico: 43 members of Congress declare the PREPA deal fatally flawed – they are right

Puerto Rico utility needs to reduce legacy debt and introduce independent monitor

Last month, 43 members of Congress sent a letter to the Puerto Rico legislature urging it to reject a debt restructuring agreement reached between the Puerto Rico Electric Power Authority (PREPA) and its creditors because of the proposed deal’s unsustainable impact on the island’s economy. Puerto Rico Senate President Thomas Rivera Schatz responded to the […]

IEEFA Puerto Rico: Acuerdo de la deuda de la AEE: Fatalmente defectuoso

IEEFA Puerto Rico: Acuerdo de la deuda de la AEE: Fatalmente defectuoso

Se debe reducir la carga de la deuda y adoptar un monitor independiente

(El Vocero)  ̶  El mes pasado 43 miembros del Congreso de Estados Unidos enviaron una carta a la Asamblea Legislativa de Puerto Rico instándole a rechazar un propuesto acuerdo de reestructuración de la deuda entre la Autoridad de Energía Eléctrica de Puerto Rico (AEE) y sus acreedores debido a su impacto insostenible en la economía […]

Actualización de Puerto Rico: el gobernador ignora los hechos y confunde al público sobre el acuerdo de la deuda

Actualización de Puerto Rico: el gobernador ignora los hechos y confunde al público sobre el acuerdo de la deuda

Los partidarios del acuerdo de reestructuración de deuda propuesto por la Autoridad de Energía Eléctrica de Puerto Rico (AEE), incluido el gobernador Ricardo Rosselló y el director ejecutivo de AEE, José Ortiz, han argumentado recientemente que el aumento de la tasa impuesta por el acuerdo será mitigado por los ahorros operacionales que bajarán las tarifas […]

Puerto Rico update: The governor ignores the facts and misleads the public about the debt deal

Puerto Rico update: The governor ignores the facts and misleads the public about the debt deal

Electricity prices will rise under the current plan

Supporters of the Puerto Rico Electric Power Authority’s (PREPA’s) proposed debt restructuring agreement – including Governor Ricardo Rosselló and PREPA executive director José Ortiz – have recently argued that the rate increase imposed by the agreement will be mitigated by operational savings that will lower electricity rates. The governor’s and PREPA’s public statements about rate […]

IEEFA Puerto Rico: Governor looks to Wall Street cash to fund re-election bid

IEEFA Puerto Rico: Governor looks to Wall Street cash to fund re-election bid

Fundraising in step with long history of campaign contributors securing public contracts with excessive fees

Campaign contributions from law firms to elected officials who issue bonds and appoint lawyers and underwriters—often known as a “pay to play” system — are poison. (Perhaps the best work on this subject is a seminal speech by Arthur Levitt, former chair of the Securities and Exchange Commission, in 1997). A campaign fundraiser for Puerto Rican Governor […]