SAN JUAN, Puerto Rico, Nov. 4, 2015 /PRNewswire/ -- The Puerto Rico Electric Power Authority (PREPA), Puerto Rico's publicly owned electricity provider, today issued the following statement regarding Governor Alejandro Garcia Padilla's submission of the PREPA Revitalization Act for consideration to the Legislative Assembly.
Javier Quintana Mendez, Executive Director of PREPA, said, "This bill will facilitate PREPA's transformation and usher in a new era of efficiency, reliability and safety at PREPA. We need all stakeholders to come together and share the burden of social and economic responsibility. With this legislation, we can realize the debt relief and savings offered by the creditor compromises and make the changes and investments needed to ensure that PREPA can provide the people and businesses of Puerto Rico with reliable power, stable rates and outstanding customer service for generations to come. Now is the time to act and enable PREPA to move forward with this transformation that represents the foundation for a stronger, more prosperous Puerto Rico."
By submitting the PREPA Revitalization Act to the Legislative Assembly, Governor Garcia Padilla is requesting that the legislature approve:
- Enhancements to governance processes so that PREPA can implement an independent, non-political, staggered Board structure;
- Adjustments to PREPA's practices for hiring and managing management personnel;
- Changes to PREPA's processes for collecting outstanding bills from both public and private entities;
- Implementation of a competitive bidding process for soliciting third party investment in PREPA's infrastructure;
- Refinancing of PREPA's outstanding bonds through a new securitization that will reduce PREPA's indebtedness and cost of borrowing; and
- Reforms to PREPA's ability to collect payment from municipalities.
SOURCE Puerto Rico Electric Power Authority (PREPA)