Puerto Rico Debt Struggle Ties Back to Its Stunted Energy Economy

first_imgPuerto Rico Debt Struggle Ties Back to Its Stunted Energy Economy FacebookTwitterLinkedInEmailPrint分享Llewellyn Hinkes-Jones for Bloomberg BNA:Sen. Orrin Hatch (R-Utah) demanded that Puerto Rico provide detailed financial statements by March 1 before the Senate Finance Committee, which he chairs, puts together a debt-restructuring mechanism for the island.Puerto Rico is in talks with creditors over the country’s distressed debt.A major source of the country’s debt problems comes from the Puerto Rico Electric Power Authority (PREPA), the island’s sole energy provider, which owes about $9 billion to bondholders and other creditors. The utility is dependent on imported oil to generate electricity, for which it sometimes pays on the order of $100 per barrel, even as global oil prices have collapsed to a level below $30 a barrel.In a 2012 presentation, PREPA proposed a switch to liquefied natural gas (LNG), which would lead to $500 million to $1 billion in savings a year and avoid fines under the U.S. Mercury and Air Toxics Standards.But those calculations were based on the construction of the Via Verde gas pipeline and the Aguirre offshore terminal, neither of which has been completed. The Via Verde project was abandoned in 2012 over environmental concerns. The Aguirre project was initially approved by the Federal Energy Regulatory Commission in July 2015, but is under appeal following a request for additional details by the National Oceanic and Atmospheric Administration.In a 2015 report, the Institute for Energy Economics and Financial Analysis (IEEFA) sharply criticized the commonwealth’s sole focus on LNG, which it described as transitioning from one fossil fuel to another, even though the island is “blessed with abundant wind and solar energy.”The IEEFA report notes that any savings from a switch to LNG could easily be wiped out by a spike in LNG prices. According to IEEFA Director of Finance Tom Sanzillo, for the switch to make sense “essentially, LNG prices can’t be much higher than what they are right now, which is around $2-$3/Mcf.” One Mcf equals 1,000 cubic feet.“The island could easily be focusing more on solar, wind, and energy efficiency,” Sanzillo said. “All of which would bring more jobs and fuel the local economy, whereas LNG would only bring a handful.”Puerto Rico offers no incentives for energy efficiency. In 2011, only 1 percent of its electricity came from renewable sources.Full article: Hatch Demands Audited Financials From Puerto Ricolast_img read more

Checklist: Staying safe during tomorrow’s storm

first_imgMet Eireann has issued a Status Red warning for all of Ireland ahead of Hurricane Ophelia’s arrival tomorrow.All schools and colleges are to remain shut tomorrow.All hospitals have cancelled outpatient appointments, but the Emergency Departments will remain open. This includes Letterkenny University Hospital and Sligo University Hospital. ESB are providing live updates on power outages here.All flights leaving Donegal Airport are cancelled, except for the 7:55am flight to Dublin.The Red Alert comes into affect at 9am tomorrow.Met Eireann says: “Ex-Hurricane Ophelia is forecast to track directly over Ireland during daytime Monday. Violent and destructive gusts are forecast with all areas at risk and in particular the southwest and south in the morning, and eastern counties in the afternoon. “Also heavy rain and storm surges along some coasts will result in flooding. There is potential risk to lives.”Here are a few ways you can prepare for Hurricane Ophelia’s arrival:Secure your property. Tie down anything that could possibly be lifted by the wind or take them inside. Examples include bins, children’s toys, patio furniture etc. Check your roof for loose tiles, and keep the windows closed. Ensure that the drains surrounding your house are clear of any debris such as leaves to avoid flooding.Have supplies at hand. Have candles, torches, batteries, and matches at hand in case of a power outage. A first aid box, medications, and a camera to photograph any damage.Avoid travel. Motorists are being advised to not make any unnecessary journeys tomorrow. Flying debris and fallen trees are expected across the country.Bring pets inside. Animals in Need Donegal today issued a statement with the message: “Keep them in. Keep them safe.” Avoid the sea. The Irish Coast Guard are advising people to stay away from exposed beaches, cliffs and piers, harbour walls and promenades along the coast tomorrow. Do not approach the coast to see the spectacle. Their advice is “stay back, stay high, and stay dry. If you see someone in difficulty in the sea dial 999 or 112 and ask for the Coast Guard.Charge your phone. Write down useful numbers such as ESB’s 24/7 helpline (1850 372 999). A list of Donegal County Councillor’s numbers can be found by visiting www.donegalcoco.ie/yourcouncil/yourcouncillors/.Check on older members of the community. Age Action are encouraging everyone to look out for the older people in their communities. They are asking older people to consider staying with a relative for a few days, and ensure they have enough food and fuel in case the roads become too precarious to travel on. Even if they are alright for everything, it will give older people comfort to know someone is watching out for them, a spokesperson said.If you have any updates or if you’d like us to share a message, please do not hesitate to get in touch with Donegal Daily by emailing info@donegaldaily.com or get in touch with us through Facebook. Checklist: Staying safe during tomorrow’s storm was last modified: October 16th, 2017 by Elaine McCalligShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Hurricane Opheliastaying safeTipslast_img read more