Puerto Rico May Recover Energy Services in a Few Months
It seems that in a few months Puerto Rico may recover electricity services. A federal judge approved a $300 million loan to the Electric Company of that Free State associated with the United States that will allow the company to keep on running up to the end of March. After the initial $1 billion loan was rejected, Puerto Rico’s Electric Energy Authority proved their need for capital and they readjusted it to $300 million, although Governor Ricardo Rosselló states they need the first number to maintain running electricity in the island.
However, the Electric Energy Authority reiterated their decision to look for creditors that make as soon as possible to reestablish the energy services totally. Nevertheless, the real financial situation is not good since, according to the federal control board, Puerto Rico’s electric company has a debt of around $9 billion. Besides, there still are 250.000 consumers without electricity after five months of the passing of hurricane María.
The court ruling’s delay worsened the human adversity of the basic services like drinking water, energy for medical services, communication and education. These activities are not precariously performed due to the lack of financing and the local government strategy to preserve the existent reserves until Washington gives them a hand.
In addition to those serious financial troubles, there is the instability of the electric network severely damaged that has reduced its operational reserves due to economic problems.
The head of Puerto Rico’s Electric Energy AuthorityGerardo Portela said besides the loan, the electric company will keep on looking for credits. In fact, one of Ricardo Roselló’s announced plans is the privatization of the electric company.
Rossellóunderlined with the passing of months the territory is running out of money and, besides the $300 million authorized, they need other $1 000 million for the reconstruction. According to the Governor, the damages and troubles have deepened in the island due to the slow response offered by the United States’ Treasury Department. As more Puerto Rico asks for to Washington, the bigger the public debt, under the $73 000 million, gets. Puerto Rico has been under recession for 11 years now, a fact Donald Trumprubbed in their noses during his visit to the territory. The truth is that there is no money to help Puerto Rico’s people. Hence, the budget for military organizations and the arms race is increasing.
Puerto Rico’s situation is sad after hurricane María hit and devastated the island. Most communities still have no access to electricity services. In addition to the domestic drama, there areTrump’s offensive comments that during the visit paid to Puerto Rico after the disaster, gave the people toilet paper. Furthermore, in his speech he blamed Puerto Ricans for their own poverty caused by the debt with the United States of America. The curious part is the US is the only responsible for the island’s poor economic development and lack of independence.
The affectations due to the neglect of the US government have left floating in the limb nearly 4 000 families dispersed in 40 states, most of them living in hotels thanks to the program of Temporary Housing Assistance. The fact provoked many Puerto Ricans to move definitely to the United States where they have had better jobs, life and comfort chances.