Author Archive: Tom Sanzillo

Director of Financial Analysis 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: ExxonMobil reserve portfolio posts small quarterly return despite price increases

Upstream U.S. investments continued to perform poorly during first quarter

April 30, 2021 (IEEFA) — Despite an extraordinary rise in the price of oil for ExxonMobil’s U.S. operations, the company’s U.S. reserve portfolio managed a meagre $363 million in earnings, according to an IEEFA analysis of its first-quarter earnings report. Oil prices rose to an average of $56.20 during the first quarter of 2021, a […]

IEEFA: Consultants poised to make more than $1 billion from bankrupt Puerto Rico utility

Huge consulting fees highlight systemic problems with reform of island utility

April 29, 2021 (IEEFA) ⎼ The transformation and financial restructuring of Puerto Rico’s bankrupt electric power authority have generated more than $440 million in consulting contracts during the last seven years and could cost island residents more than $1 billion before completion, according to a study released today by the Institute for Energy Economics and […]

IEEFA: Consultores listos para ganar más de $1,000 millones de la corporación de servicios públicos de Puerto Rico en bancarrota

Las enormes comisiones de consultoría ponen de relieve los problemas sistémicos con la reforma de la utilidad de la isla

29 de abril de 2021 (IEEFA) – La transformación y reestructuración financiera de la Autoridad de Energía Eléctrica de Puerto Rico en bancarrota ha generado más de $440 millones en contratos de consultoría durante los últimos siete años y podría costar a los residentes de la isla más de $1,000 millones antes de su finalización, […]

IEEFA Guyana: Despite contract terms that heavily favor ExxonMobil, missteps continue to plague productivity and drag down returns

ExxonMobil announces production cuts and improved financials – transparency needed

ExxonMobil Guyana ended the year with good news – local operations reached maximum capacity of 120,000 bpd by end of December. The progress was unsustainable; by April announcements came that production would be cut by 75%. On the heels of December’s good news, the Guyanese government posted the results from its fifth oil lift in […]

April 26, 2021 Read More →

IEEFA U.S.: Colorado legislature considers bill to divest state pension fund from fossil fuels

Colorado lawmakers, following lead of other major funds, seek to drop coal, oil and gas stocks

April 19, 2021 (IEEFA) ⎼ A Colorado bill that would require the state’s employee retirement fund to drop investments in fossil fuels within a year of passage is likely to safeguard  the fund’s performance, pensioners and taxpayers, IEEFA’s director of financial analysis told a legislative committee today. The measure, HB21-1246, would require the Public Employees […]

April 20, 2021 Read More →

IEEFA U.S.: New questions raised about Puerto Rico-LUMA grid privatization contract

IEEFA questions Financial Oversight and Management Board defense of LUMA contract

April 15, 2021 (IEEFA) ⎼ The Institute for Energy Economics and Financial Analysis is questioning the wisdom of a contract to privatize Puerto Rico’s power grid in a letter to the Financial Oversight and Management Board (FOMB). In the letter released today, Tom Sanzillo, IEEFA’s director of financial analysis, raised several issues that have come […]

April 15, 2021 Read More →

IEEFA U.S.: Selection of Puerto Rico privatization contract winner based on identical scores, identical mistakes

Results of selection process raise new questions about Puerto Rico grid reconstruction contract

An objective analysis of the award of a 15-year privatization contract for Puerto Rico’s electrical system to LUMA Energy raises numerous red flags about the integrity of the process. LUMA is scheduled to take over the non-generation functions of the Puerto Rico Electric Power Authority (PREPA) on June 1, including transmission, distribution, billing, customer service, […]

April 7, 2021 Read More →

IEEFA EE. UU.: Selección del ganador del contrato de privatización de Puerto Rico basado en puntuaciones idénticas, errores idénticos

Los resultados del proceso de selección plantean nuevas preguntas sobre el contrato de reconstrucción de la red de Puerto Rico

Un análisis objetivo de la adjudicación de un contrato de privatización de 15 años para el sistema eléctrico de Puerto Rico a LUMA Energy levanta numerosas banderas rojas sobre la integridad del proceso. Luma tiene programado asumir las funciones de no generación de la Autoridad de Energía Eléctrica de Puerto Rico (AEE) el 1 de […]

April 7, 2021 Read More →

IEEFA U.S.: Testimony shines light on additional problems with Puerto Rico LUMA deal

Grid privatization contract suffers host of issues likely to result in higher prices for islanders

April 6, 2021 (IEEFA) ⎼ New research has revealed major problems in the procurement process that resulted in the selection of LUMA Energy to operate Puerto Rico’s electrical grid, according to testimony given today to a Puerto Rico House of Representatives committee. Tom Sanzillo, director of financial analysis at the Institute for Energy Economics and […]

IEEFA EE. UU.: Testimonio arroja luz sobre problemas adicionales con acuerdo de LUMA de Puerto Rico

El contrato de privatización de la red sufre una serie de problemas que probablemente resultarán en precios más altos para los isleños

6 de abril de 2021 (IEEFA) — Una nueva investigación ha revelado problemas importantes en el proceso de contratación pública que resultó en la selección de LUMA Energy para operar la red eléctrica de Puerto Rico, según testimonios entregados hoy a una comisión de la Cámara de Representantes de Puerto Rico. Tom Sanzillo, director de […]

April 6, 2021 Read More →