委员会认证PREPA 2025财政计划；LUMA认为有$18–24 billion未覆盖

On February 11, 2025 the Oversight Board certified a new Puerto Rico Electric Power Authority (PREPA) Fiscal Plan that, per the release, reflects the real cost of restoring and operating a deteriorating energy system, beyond the 2017 rate structure and above already-assigned federal funds. The plan incorporates projections from PREPA, LUMA Energy LLC and Genera PR. LUMA estimates those investments could cut outage frequency 75 to 85 percent over ten years. This note tracks the FOMB release: certified plan ≠ cash out.

Without the rate-order ceiling, operators project that by 2040 system operating costs would be more than 60 percent higher than in the Fiscal Plan certified in 2023. LUMA estimates the system needs federal financing through fiscal year 2034 to rebuild, maintain and operate a clean, reliable, resilient grid, with uncovered needs of $18 billion to $24 billion. The Energy Bureau rate-review process will determine how much falls on customers. Necessary maintenance spending more than triples in real terms from FY2025 to FY2026 and rises another 43 percent toward FY2029; fuel and purchased power would rise 11 percent versus the 2023 Plan.

The Board concludes PREPA will not be able to impose additional rate increases for debt service above tariffs needed to operate the system, and that when proposing an amended Plan of Adjustment it will specify the funding source. PREPA has operated with a structural deficit since 2004 and has not assessed long-term needs in more than 30 years. Recent outages: June 12, 2024 (~350,000 without power) and December 31, 2024 (more than 1 million). Primary: oversightboard.pr.gov. Cousin: 686. Topic economy.

来源：Financial Oversight and Management Board for Puerto Rico. https://oversightboard.pr.gov/fomb-media-release-prepa-2025-fiscal-plan/