PREC issues Restructuring Order approving the Calculation Methodology and Adjustment Mechanism proposed by PREPARC
June 22, 2016NEPR-A01 Summons Reg. 8543 (Attachment I)
October 3, 2016On June 28, 2016, Puerto Rico Electric Power Authority Revitalization Corporation (the “Corporation”) approved Resolution No, 2016-2009 (the “Restructuring Resolution”) authorizing the issuance of Restructuring Bonds in a total principal amount estimated not to exceed $9.6 billion, and which will be comprised of a combination of various types of bonds whose individual maximum authorized issuance amounts are detailed in the Restructuring Resolution, but that will not all be issued in their individual maximum authorized amounts (collectively, the “Restructuring Bonds”), In connection with the issuance of the Restructuring Bonds, the Corporation, pursuant to authority granted under Act No, 4-2016 (the “Act”) and under an order from the Puerto Rico Energy Commission approved June 21, 2016 (the “Restructuring Order”), will impose Transition Charges (as defined in Chapter 4 of the Act, and subject to future modifications, as described therein) of 3.1 cents per kilowatt hour (“kWh”) for all Puerto Rico Electric Power Authority (the “Authority”) customers (residential, non-residential and governmental), with limited exceptions, as defined and discussed in the Restructuring Order, based on application of the formulae approved in the Restructuring Order, beginning immediately after the issuance of the Restructuring Bonds.
