Fiscal board certifies fiscal ’19 budget for Puerto Rico power company
SAN JUAN – The Financial Oversight and Management Board for Puerto Rico announced Sunday evening that it has unanimously approved a revised budget for the Puerto Rico Electric Power Authority (Prpea) for fiscal year 2019 that aligns with the utility’s fiscal plan certioned in Aug. 1.
“The Oversight Board’s commitment to providing the people of Puerto Rico with better, less costly and more reliable electricity service is proven in this revised budget for PREPA,” board Executive Director Natalie Jaresko said. “The Oversight Board is pleased to submit a FY19 budget for PREPA that complies with PREPA’s certified fiscal plan, and allows the utility to pursue the goals required therein: successful restructuring of PREPA’s debt obligations, the privatization of the utility’s generation assets, and the concession of PREPA’s transmission and distribution (T&D) system, which will strengthen PREPA’s appeal to investors and private capital to Puerto Rico’s energy grid.”
Key changes mentioned in a board release announcing the revised budget include updates to macroeconomic inputs and “clearer budgetary enforcement language regarding fuel and purchased power, labor and resiliency.”
The board also announced it unanimously certified a Revised Compliant Budget for the Medical Services Administration (ASEM by its Spanish acronym) of $85.7 million for fiscal 2019.
ASEM’s Revised Compliant Budget is $33.7 million higher than the budget originally certified. “The increase stems from a revised estimate in ASEM revenues as a result of further due diligence with the Government, and is needed to pay ASEM medical professionals and independent contractors,” according to the release.
Related documents may be downloaded at the board’s website, at https://oversightboard.pr.gov/documents/