The governing board of the Puerto Rico Electric Power Authority (PREPA) on January 31 formally adopted a Vision for the Future of Power in Puerto Rico to provide focus to efforts to transform the power utility.

The move is in accordance with the privatization plan presented in January by Governor Ricardo Rosselló.

According to Ernesto Sgroi, the chair of the governing board, “Our goal is not just emergence from bankruptcy and restoration of power, but instead, the establishment of a model for power generation and delivery in Puerto Rico that sets a global example for cost, resilience, sustainability, and customer engagement and empowerment. PREPA’s privatization is a key step to its recovery in the short-and medium-term and indispensable to its transformation in the long-term.”

The vision for the future electric system in Puerto Rico was developed with the involvement of PREPA’s Transformation Advisory Council (TAC), a group of utility industry executives who are volunteering their time to provide guidance to PREPA’s board and management team.

David Owens, Chair of the TAC and a former Executive Vice President of the Edison Electric Institute says, “The topic of power sector transformation is being addressed by utilities all over the country. The TAC provides a way for PREPA to access best-in-class perspectives on how the utility business model is changing.”

Cris Eugster, Co-Chair of the TAC and Chief Operating Officer of CPS Energy in San Antonio says, “We are pleased to support Puerto Rico in its journey towards establishing a more sustainable and customer focused utility system of the future.”

The Vision for the Future of Power in Puerto Rico adopted by the governing board has five parts:

  • The system is customer-centric
  • The system promotes financial viability
  • The system is reliable and resilient
  • The system is a model of sustainability
  • The power system serves as an economic growth engine for Puerto Rico

The governing board says it is working closely with the governor to propose and enact reforms in the overall industry structure and to transform the Puerto Rico Electric Power Authority.

Todd Filsinger, PREPA’s Chief Financial Advisor will lead the effort for further development of the coordinated transformation plan, liaising with counterparts from the governor’s office, and coordinating with the Financial Oversight and Management Board, the Puerto Rico Fiscal Agency and Financial Advisory Authority and other stakeholders. As part of the transformation, PREPA is developing an updated Integrated Resource Plan that will serve as one of the building blocks for the future of Puerto Rico’s power generation.