Puerto Rico Seeks $300M Loan, Warns of Power Shutdown

Puerto Rico Seeks $300M Loan, Warns of Power Shutdown”

A federal judge has approved a loan requested by the Puerto Rico Electric Power Authority, days after the judge rejected the proposed loan of $550 million from the central government of Puerto Rico to its electric utility.

"There's no money", he said.

Gerardo Portela, director of Puerto Rico's financial authority, said in a statement that the power company will keep seeking all kinds of financing sources to help fund its operational and reconstruction needs.

On Sunday, government officials announced that they were reducing the power company's operating reserve by 450 megawatts to help save $9 million a month. Last week, the two sides squared off in court, and the judge prodded Puerto Rico's board to reduce the loan to $300 million and rework its terms.

The ruling comes just days after the judge had rejected an initial $1 billion loan request made by a federal control board overseeing the USA territory's finances. In the past, PREPA has suffered corruption and instability, and they have struggled for the past five months to return electricity to its customers.

Gina DeJesus, who has several family members in Puerto Rico, said simple conveniences like drinkable water and electricity are luxuries many on the island still don't have.

The rebuilding and re-envisioning of Puerto Rico's electric grid will ultimately create a cleaner and more resilient grid, with far more modern technologies brought to bear.

FEMA has been under the microscope following Maria's aftermath in Puerto Rico.

Kudos to Leinberger and the rest of the team for setting the example.

"Without the loan, and given the potential risk to its operations, we have no other responsible option than to begin implementing a limited operational emergency plan", said Ernesto Sgroi, president of PREPA's governing board.

PREPA spokespersons did not respond to a request for comment for this article.

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