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Testimony by Tom Sanzillo Before Puerto Rico Senate Commission on Strategic Projects and Energy

January 01, 2022
Tom Sanzillo
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Key Findings

The current agreement reduces the amount owed by PREPA by 15%. 80% would be a more reasonable number, and bondholders should be prepared to accept a principal reduction between 70 percent and 90 percent of the debt paid by PREPA ratepayers.

The $8.26 billion in debt claimed by the Puerto Rico Electric Power Authority (PREPA) bondholders should not be borne by island ratepayers and small investors.

Tom Sanzillo

Tom Sanzillo is Director of Financial Analysis for IEEFA. He has produced influential studies on the oil, gas, petrochemical and coal sectors in the U.S. and internationally, including company and credit analyses, facility development, oil and gas reserves, stock and commodity market analysis, and public and private financial structures. He also examines such areas as community and shareholder activism, institutional investment, public subsidies and Puerto Rico’s energy economics.

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