PROMESA
Latest
How Puerto Rico's power crisis ends
When Hurricane Maria crashed into Puerto Rico on September 20th, it found a vulnerable target. The island is facing an extreme financial crisis that's been building steam for decades; roughly 43 percent of its residents live in poverty. Its sole electric company, PREPA, is $9 billion in debt and has been operating with outdated equipment for decades. Its power plants are an average of 44 years old and rely on outdated oil-fired systems, while most plants in the United States are about 18 years old and use newer natural-gas generators. PREPA filed for bankruptcy in July, calling its own infrastructure "degraded and unsafe." Then the hurricanes hit. On September 7th, Hurricane Irma skirted Puerto Rico's northern coastline as a Category 5 storm, killing at least three people and knocking out power for more than 1 million residents. That weekend, PREPA was able to turn the lights back on for 70 percent of its affected customers, but others expected to wait months for power to return. Hurricane Maria made its way up the Caribbean on September 20th, bringing winds of 140 MPH and dumping 25 inches of rain on Puerto Rico. It devastated the island. Maria knocked out PREPA's electrical systems, leaving 3.4 million people in the dark, with little hope of a quick recovery. Officials have suggested it will take four to six months for power to be restored.
