Company Overview of Puerto Rico Electric Power Authority
Puerto Rico Electric Power Authority engages in the production, transmission, and distribution of electric power in Puerto Rico. It primarily serves residential, commercial, and industrial clients, as well as government agencies and municipalities. The company was founded in 1941 and is based in San Juan, Puerto Rico.
PO Box 364267
San Juan, PR 00936-4267
Founded in 1941
Key Executives for Puerto Rico Electric Power Authority
Interim Financial Director
Planning and Environmental Protection Director
Generation, Transmission, and Distribution Director
Compensation as of Fiscal Year 2016.
Puerto Rico Electric Power Authority Key Developments
Electrical Workers Union Sues to Overturn Puerto Rico Electric Power Authority Reform Law
Apr 20 16
The primary union at the Puerto Rico Electric Power Authority has sued to overturn a law that was passed as part of the authority's restructuring agreement with creditors. The Union of Electrical Industry and Irrigation Workers (UTIER)filed the suit Tuesdayin Superior Court of San Juan. Alejandro GarcÃa Padilla signed the Law for the Revitalization of the Puerto Rico Electric Power Authority, in February. In the suit the union claims the law limits the rights of PREPA workers to access justice, violates constitutional protections prohibiting impairments of contractual relations and laws guaranteeing equal protection of the laws. In addition the suit claims that the new law undermines the authority's pension system, which has an actuarial debt of $1.7 billion. Along with the union, union president \xC3ngel Figueroa Jaramillo, and member of the state council of the union and vice president of the retirement system of PREPA employees JosÃƒÂ© Rivera Rivera are the plaintiffs. The defendants are PREPA, the Corporation for the Revitalization of the Puerto Rico Electric Power Authority, the Puerto Rico Energy Commission, Puerto Rico Chief Financial Officer Melba Acosta Febo, Puerto Rico Treasurer Juan Zaragoza GÃƒÂ³mez, Puerto Rico Secretary of State VÃƒÂctor SuÃƒÂ¡rez MelÃƒÂ©ndez, and Puerto Rico Justice Secretary CÃƒÂ©sar Miranda RodrÃƒÂguez.
The Puerto Rico Electric Power Authority Prepares to Privately Place $111 Million by March 28
Mar 14 16
The Puerto Rico Electric Power Authority, moving forward with its restructuring agreements, is preparing to privately place $111 million in bonds by March 28. The bonds are part of the restructuring support agreements the authority has signed with successive groups of its creditors since September. The bonds' terms have been outlined in the bond purchase agreements that have accompanied the agreements. The RSA and BPA of Jan. 27 indicated that Assured Guaranty, National Public Finance Guarantee, Oppenheimer Funds, Marathon Asset Management, Knighthead Capital Management, Goldman Sachs Asset Management, Franklin Advisors, BlueMountain Capital Management, and Angelo, Gordon & Co. commit to purchasing two bonds, each of $55 million. Both series of bonds are to mature serially and bear a 10% annual interest rate, according to the BPA. Interest will be paid every six months and the bonds will have a final maturity on July 1, 2019. The bond purchase agreement says that the bond purchasers must buy the Series 2016A bonds by 10 a.m. on March 22 and the Series 2015B bonds by 10 a.m. on March 28.
Puerto Rico Electric Power Authority Auditor Raises 'Going Concern' Doubt
Jan 28 16
Puerto Rico Electric Power Authority filed its Annual on Jan 28, 2016 for the period ending Jun 30, 2014. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
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