Puerto Rico Lawyer Warns of Power Shutdown If Loan Denied

Puerto Rico’s power company will begin shutting down as soon as Friday if it doesn’t receive a $1 billion loan from the territory’s central government, threatening to cause widespread electricity outages across the hurricane-devastated island, a lawyer for Puerto Rico told a U.S. judge.

The injection of cash from the bankrupt government will allow the Puerto Rico Electric Power Authority, called Prepa, to keep running while it waits for President Donald Trump’s administration to release disaster-recovery loans approved by Congress. Without it, the company may be forced to begin rolling outages within weeks, said Joseph Davis, an attorney for Puerto Rico.

Published in Bloomberg, 15th February, 2018

https://www.bloomberg.com/news/articles/2018-02-15/puerto-rico-lawyer-warns-of-electricity-shutdown-if-loan-denied