CNE’s Impact in Transforming PREPA
Published on February 17, 2020 / Leer en español
Without energy, there is no economy
The approval of Puerto Rico’s Electric Power Authority’s (PREPA) Restructuring Support Agreement (RSA) implies an increase in rates, a sun tax and another possible future renegotiation as it is not a sustainable agreement. The price is too high for us to allow its approval since the cost of living and doing business in Puerto Rico will continue to increase for decades. For this reason, the Center for a New Economy (CNE) began to implement a strategy aimed at the island’s people and leadership to advocate for a better agreement despite the fact that the decision is in the hands of Judge Taylor Swain in Bankruptcy Court.
We all want the bankruptcy process to be quick, but it’s more important that we get a fair deal. Puerto Rico deserves a better agreement. The combined efforts of CNE, ReImagina Puerto Rico and other allies to educate the public and put pressure to prevent the agreement’s approval has worked. After being postponed many times, there is still no date for the Judge’s evaluation of the agreement.
CNE has remained firm in its advice: “we respectfully recommend that the parties return to the negotiation table.” – Sergio M. Marxuach, May 23, 2019
There are currently taking place simultaneously that will determine Puerto Rico’s energy future. CNE is analyzing each one of them. Our past achievements, such as the creation of the Puerto Rico Energy Bureau and denouncing the demonstrate that we have achieved a concrete and positive impact.
Changes in public policy are not achieved overnight. These are complicated processes, especially with Puerto Rico’s political landscape. But at CNE, rigorous, objective and nonpartisan research is our strength. Key actors and change agents in Puerto Rico and Washington, D.C. trust our work. We have managed to include our recommendations in legislative pieces, letters and the opinion columns of various leaders in San Juan and D.C. As we have for the past 21 years, we will continue with our mission of promoting public policies that are fair and beneficial for Puerto Rico. Puerto Rico and its people are our only client.