Saturday, May 31, 2014

Why Is Puerto Rico Burning Oil to Generate Electricity?

PREPA, the troubled Puerto Rico Electric Power Authority, is having difficulty coming up with the money to pay for its latest petroleum delivery. As Caribbean Business reported, the utility last week decided to take cash from its capital works fund—up to $100 million—to buy oil. Usually, PREPA would use existing lines of credit to make such purchases. But the recent downgrades of Puerto Rico’s public debt have made that more challenging.

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