Puerto Rico won another week to submit a proposed rate fee to the commonwealth’s energy commission, a charge that would repay debt used to restructure about $9 billion owed by its main power utility.
Puerto Rico Electric Power Authority creditors agreed to give officials until April 7 to file their petition to create a new customer fee, called a securitization charge, according to a statement from the utility on Wednesday. A December agreement between Prepa, as the utility’s known, bondholders and bond-insurance companies was set to expire unless the energy commission received the rate petition. This is the contract’s fourth extension this year.
