Puerto Rico power utility to impose provisional rate hike
SAN JUAN, Puerto Rico – Puerto Rico’s government power company will impose a provisional rate increase of 1.299 cents per kilowatt hour on clients in the coming weeks after winning approval from the Puerto Rico Energy Commission.
The rate hike is among several requirements the utility must fulfil as part of a proposed deal with creditors to restructure nearly $9 billion debt.
The commission said Friday the hike will cover a $222.25 million annual revenue shortfall and will be in effect while the regulatory board considers a permanent electric rate hike request from the government utility.
It said the rate hike can take effect 30 days after Friday’s order was issued and added that clients will be reimbursed if the permanent rate hike winds up being less than the provisional rate.
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