Rep. Teresa Leger Fernández Questions Puerto Rico Power Company's Profit Motives

Puerto Rico Electric Power Authority (PREPA) Bonds

• 💡 Bondholders understood the deteriorated condition of the electric grid when they purchased PREPA bonds, as it was already a distressed asset.
• ❓ It is implied that bondholders paid cents on the dollar for these bonds and are now seeking to recoup a profit.

Impact of Demands on Puerto Rico

• ⚠️ Complying with bondholder demands could limit the possibility of economic development and opportunity in Puerto Rico.
• 🎯 The board has an obligation to ensure fairness for the island, considering families, working families, economic growth, and opportunity.

PREPA's Financial and Operational Challenges

• ⚡ High rates and unreliable service are significant issues for Puerto Rico.
• 📈 PREPA needs a path to recover and rebuild for reliable service while keeping rates affordable to prevent people from fleeing the system or businesses from relocating.
• ⚠️ Fixing rates permanently for non-improvement items limits PREPA's ability to invest in reliability and system improvements.

Need for Resiliency and Future Investment

• 🏗️ There is a critical need for resiliency in the power system.
• 🚀 Limiting PREPA's ability to respond to conditions, new technologies, and improvement needs hamstrings Puerto Rico's future.
• 🧩 Investing in reliability and system improvements is crucial for PREPA's future.