Puerto Ricans protest proposed increase in already high electric bills
Hundreds of people marched to the governor’s mansion to push back against a proposal critics say would cause an unsustainable rise in Puerto Rico's already expensive cost of living.
2023-10-18 13:43:22 - VI News Staff
SAN JUAN, Puerto Rico — Hundreds of people including religious leaders, economists, teachers and retirees on Wednesday protested a proposed increase to already high electric bills that a growing number of people in the U.S. territory are struggling to pay.
The crowd marched toward the governor’s mansion, where they hoisted Puerto Rican flags up high and held up signs warning that an increase in power bills would lead to an unsustainable rise in the island’s already expensive cost of living.
The proposed increase is part of a debt restructuring plan to pull Puerto Rico’s power company out of bankruptcy, an effort that has failed multiple times as bondholders threaten to sue to recuperate their investments. If approved, the current residential rate of 25 cents per kilowatt hour would nearly double over the span of 30 years.
A federal judge overseeing the bankruptcy process held a hearing Wednesday on the issue after delaying approval of the proposed debt restructuring plan.
Residential electricity rates in Puerto Rico are currently almost double those in the U.S. mainland, while industrial and commercial rates are more than twice as high, according to the U.S. Energy Information Administration.