Puerto Rico Government Agencies Owe $233M in Overdue Power Bills

Puerto Rico’s House of Representatives passed a bill Tuesday that will allow the bankrupt public power company to claw back more than $233 million in unpaid electricity bills owed by federal and state agencies.

• If it becomes law, the measure would create an Electrical System Stabilization Fund, where some of the overdue fees would be deposited to help mitigate power price fluctuations, the House said in a statement
• The deal comes as Puerto Rico’s Electric Power Authority, or PREPA, and its creditors are negotiating a deal to slash $9 billion of debt
• NOTE: Puerto Rico Grid Operator Must Improve ...