A concurrent resolution recognizing the need for a sustainable, economically viable, and fair debt restructuring plan for the Puerto Rico Electric Power Authority.
This concurrent resolution (SCONRES 12) recognizes the need for a sustainable debt restructuring plan for Puerto Rico's electric utility, the Puerto Rico Electric Power Authority (PREPA). It highlights that PREPA's current debt ($8.3 billion) and high electricity rates - double the U.S. average - threaten to cause business closures (potentially 12,000 small businesses) and out-migration if unresolved. The resolution urges the Financial Oversight Board to develop a new plan that avoids further rate hikes for residents and businesses while enabling grid rehabilitation and renewable energy transition. It does not impose new requirements but formally calls for a solution that protects PREPA's financial health and Puerto Rico's economic recovery.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2023
Committee Review
Floor Vote
President
Introduced Jul 12, 2023
Last action Jul 12, 2023
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Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jul 12, 2023
Committee
Referred to the Committee on Energy and Natural Resources. (text: CR S2367-2368)
upper
Jul 12, 2023
Introduced
Introduced in Senate
upper
1 primary · 1 co-sponsor
Sponsors
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