With 15 blackouts per day, 567 disabled trucks, and all of its helicopters out of commission, the power grid of Puerto Rico is in deep trouble.
To add insult to injury…a report has just been completed, showing that electricity rates will rise by 20% over the next year, and at least 55% over the next five years.
The report also concludes that the PREPA “debt-restructuring deal” will not even work, leaving PREPA in a state of permanent debt and high-interest payments…which will be paid by the people of Puerto Rico, through a constant set of rate hikes and hidden fees.
According to the 45-page report from the Institute for Energy Economics and Financial Analysis, after PREPA pays its bond debt through a “re-structured” payment arrangement, PREPA will be in a worse financial condition than ever before.
Before electrical blackouts begin to swallow the island, and before people’s rates rise by 55%, a serious investigation of PREPA should be launched.
Oil purchasing agents, fraudulent labs such as Caleb Brett, Petrobras executives, Wall Street bond traders, and high-ranking PPD and PNP politicians should also be placed under the criminal microscope.
For over two decades, hundreds of millions of dollars in “gifts” and bribes, were paid to PREPA purchasing agents and high-ranking PPD and PNP politicians.
In exchange they contaminated the island’s air, and water, with illegal toxic oil sludge.
They should all be investigated, and they should all go to jail.