Here is a portion of my latest electricity bill from Con Edison:
After the government finished screwing me – with sales taxes, franchise fees and other nonsense – my total bill was $102.
This wasn’t too bad.
If you look at the bottom of the bill, you’ll see that my basic rate is 8.2 cents per kilowatt hour. This is fairly reasonable because the average rate per kilowatt hour, throughout the US, is 12 cents per kilowatt hour.
Unfortunately, throughout the island of Puerto Rico, everyone is paying at least 24 cents per kilowatt hour. This is double the US national average, and nearly three times what I am paying in New York City.
To make matters worse, the Puerto Rico Electrical and Power Authority (PREPA) is planning an additional 4.2 cent rate hike for Puerto Rico.
The hike will go into effect when the power grid is privatized under the management of a hedge fund, or other US corporate bondholder.
There is no other way to put it: Puerto Ricans are getting screwed by their own electric company, by their own government, and by Wall Street…who forced all these rate hikes to occur.
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