Directors of the Financial Advisory Authority and Fiscal Agency (AAFAF) filed objections on Tuesday to the Adjustment Plan proposed by the Electric Power Authority (AEE) before the Title Three Court, confirmed Omar Marrero Díaz, executive director of the AAFAF.
“The bondholders have insisted that the Court should force PREPA taxpayers to pay even more than what is proposed in the Plan, which would place a monumental burden on the residents and businesses of Puerto Rico,” Marrero Díaz said in a communication. written.
He added that creditors have sought to eliminate the distinction between PREPA and the central government to increase creditor recovery, which the government strongly opposes.
“Prepa and the people and businesses it serves cannot bear unsustainably high rates, particularly when Puerto Rico has the lowest average family income and one of the highest electricity rates,” he said.
It is concerning that the “inherited charge” that the creditors intend to increase in excess of what is contemplated in the Plan, represents an excessive burden on the residents and companies of Puerto Rico, warned the Secretary of State.
“The Puerto Rico Energy Bureau is the only entity with the legal power and expert knowledge to determine the appropriate rates. A restructured PREPA that can provide reliable service at an affordable price is our highest priority,” he concluded.
