The Puerto Rico Legislative Assembly recently rejected a measure that would increase electricity rates, as part of the Puerto Rico Electric Power Authority (PREPA) restructuring support agreement (RSA) with the public utility’s bondholders. The rate hike, required under the RSA, could increase electricity costs up to 20 percent over the next five years for all customers not completely disconnected from PREPA’s grid. Meanwhile, lawyers for the financial oversight board have sought another delay on the RSA hearing set for March 31, saying the agreement needs more time to get approval from the legislature.
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