A document related to negotiations between the Board and bondholders reveals that an average household could see an annual increase of over $1,000, and for industries, it could be up to millions of dollars
A document related to negotiations between the Board and bondholders reveals that an average household could see an annual increase of over $1,000, and for industries, it could be up to millions of dollars
December 20, 2022 - 12:51 PM
The main reason for the Oversight Board to abandon the so-called fixed connection charge it negotiated months ago with the bondholders of the Puerto Rico Electric Power Authority (PREPA) was the increase in the electricity rate for middle-class families by up to $3,600 a year and up to $2.8 million a year for businesses and industries in Puerto Rico. Instead, the entity decided to submit the PREPA Plan of Adjustment (POA-PREPA) imposing a 48.5 percent cut to these creditors.
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