Ten years after Congress passed PROMESA and created the Financial Oversight and Management Board (FOMB) to help restore Puerto Rico’s fiscal stability, the long unfinished business that remains is resolving the bankruptcy of PREPA, Puerto Rico’s Electric Power Authority. The now decade-long delay continues to stymie PREPA’s recovery from 2017’s Hurricane Maria, deter investment in critical improvements to the electric grid, and deny Puerto Rico the reliable energy system residents and businesses need.
In a new op-ed, Governor Chris Christie examines how years of delayed decision-making, billions in unspent federal disaster recovery funds, and now instability at the FOMB have stalled progress for PREPA and Puerto Rico, continuing to impact economic growth, investment, and quality of life.
As policymakers, business leaders, and stakeholders in Puerto Rico and across the country grapple with the challenges of building resilient electric infrastructure and growing demand for energy, Puerto Rico’s experience offers important insights into the costs of delay and the importance of getting governance right.