FOMB

PREPA Finalizes Contract with EcoEléctrica, Naturgy

June 25, 2020

José Ortiz, Executive Director of the Puerto Rico Electric Power Authority (PREPA) announced Monday the signing of its 12-year contract with EcoEléctrica and natural gas supplier Naturgy, with a reported $1.3 billion in savings for the corporation. Highlights of the new contract: Reduces the fixed payment for the energy produced by EcoEléctrica by ~$100 million […]

Puerto Rico Awards T&D Concession

June 25, 2020

The Puerto Rico Electric Power Authority has reached an agreement for private management of its transmission and distribution system. The Financial Oversight and Management Board (FOMB) and other government entities approved the deal to hire a U.S.-Canadian consortium for operations. Known as LUMA Energy, the consortium is a joint venture between Quanta Services and Canadian […]

Puerto Rico Regulator Asks Court to Pause PREPA RSA Hearings

March 28, 2020

Puerto Rico’s Financial Oversight and Management Board (FOMB) announced that it’s filing a court motion to suspend all hearing and briefing deadlines for PREPA’s Restructuring Support Agreement. This agreement, intended to resolve the electric utitlity’s debt, would require a status report by May 15, 2020. See the full press release here. 

Hearing on US$8.3-billion PREPA restructuring deal delayed

January 6, 2020

A U.S. District Judge has canceled a Jan. 14 hearing on the Puerto Rico Electric Power Authority (Prepa) $8.3-billion restructuring deal, as requested by the Financial Oversight & Management Board and the Fiscal Agency and Financial Advisory Authority. This is the fifth postponement of the hearing and a new date hasn’t been set to discuss […]