Executive Summary
The Institute for Energy Economics and Financial Analysis (IEEFA) has worked with partner organizations in Puerto Rico on electricity sector transformation since 2015. We have participated as expert witnesses in cases before the Puerto Rico Energy Bureau, testified before the Puerto Rico Senate and U.S. Congress, and written numerous reports related to the long-term energy planning, contracting practices, and debt restructuring of the Puerto Rico Electric Power Authority (PREPA). We have worked with environmental, community, business and labor organizations in Puerto Rico.
Deep reform of Puerto Rico’s antiquated, expensive and fossil fuel-dependent electrical system has been needed since long before Hurricane Maria devastated the grid in 2017. A new electrical system driven by renewable energy will support the goals of resilience, affordability and fiscal stability. The Biden Administration has a historic opportunity to facilitate the rebuilding of the electrical system in a way that provides affordable electricity and utilizes Puerto Rico’s natural advantages in renewable energy:
- The federal government should not facilitate the development of new natural gas infrastructure in Puerto Rico.
- The Biden administration should accelerate the deployment of federal funding for energy resiliency projects.
- The Biden administration should accelerate the deployment of federal funding for energy resiliency projects.
- The Biden Administration should call for an audit of Puerto Rico’s debt.
Press release: IEEFA and partners renew call to write off Puerto Rico bond debt as part of restructuring plans to ensure low prices, resilient grid
Please view full report PDF for references and sources.