Friday, December 2, 2022

Citizen Groups Request Participation in Prepa Talks

By on April 22, 2022

Say Process Leaves Out Key Stakeholders, Utility Customers

The Institute for the Competitiveness and Economic Sustainability of Puerto Rico (ICSE) has filed a motion before U.S. District Judge Laura Taylor Swain requesting that the new court-ordered mediation process to achieve a new debt restructuring agreement between the Puerto Rico Electric Power Authority (Prepa) and its creditors include the participation of other stakeholders such as the ICSE, Puerto Rico Energy Bureau (PREB) and local lawmakers.

The private organization argued in its motion, filed April 6, that the mediation process should also rely on an updated fiscal plan for the public utility, given that the previous 2021fiscal plan, which was approved by Puerto Rico’s Financial Oversight and Management Board (FOMB), does not consider relevant changes in the “factual situation” since last year, including the rejection by Gov. Pedro Pierluisi of the 2019 Prepa restructuring support agreement (RSA), the economic effects of the Russia-Ukraine war, and the “havoc in process, logistics, labor and material costs to all industries caused” by the COVID-19 pandemic.

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