Newsletter – May 2024

The Oversight Board Reaffirms its Support of Renewable Energy and PREB’s Independence

The Oversight Board is 100% behind Puerto Rico’s renewable energy goals under Act 17. The Act 10 debate is not about net metering, but about PREB’s independence and ability to work without interference.
While Puerto Rico is in the process of transforming its electrical grid, PREPA, the energy company, is still in bankruptcy. This bankruptcy is the result of decades of decision making based on politics, not facts and data that ended with $10 billion in debt, an unreliable grid, and reliance on dirty fuel.
Act 17 made PREB a truly independent energy regulator that can make decisions without the political interference that contributed to PREPA’s bankruptcy.
“Much credit should be given for the spirit behind creating this independent regulator. The Legislature was smart in creating PREB. It was the right thing to do,” said Robert F. Mujica, Jr., Executive Director of the Oversight Board. Act 10 would impair PREB’s independence.
Mujica explained the importance of Act 17 and PREB, and the Oversight Board’s position on renewable energy during his speech at the Puerto Rico Chamber of Commerce’s 2024 P.R. Innovation Expo.

UPR’s Base Budget for Fiscal Year 2025 Remains the Same and Includes Incentives

The Oversight Board is continuing to work with the University of Puerto Rico (UPR) to reach its goals to enhance enrollment and improve services and infrastructure.
The UPR’s starting budget of $1.13 billion for fiscal year 2025 is the same as the current fiscal year.
Just like this year, the UPR can also access an additional $102 million, if it achieves certain goals on student, faculty, and infrastructure needs, such as improving student and academic services, and becoming more efficient.
Click here to read the facts.

Oversight Board Supports an Efficient General Election Process

The State Elections Commission’s proposed budget for fiscal year 2025 includes an increase of $7.5 million to support the 2024 general elections, for a total of $27.7 million compared to the $20.2 million received for the 2020 general elections.
Under the draft budget, the Commission will also have a $4 million reserve for unexpected election expenses, in addition to the $27.7 million.
Elections are the foundation of democracy. The Commission will receive sufficient resources for an effective and efficient election process.
Find the facts here.

Engagement with Stakeholders:

May 8, 2024

Oversight Board Executive Director Robert F. Mujica, Jr. gave a speech at the Puerto Rico Chamber of Commerce’ 2024 Innovation Expo event, highlighting, among other topics, the importance of sound fiscal management in driving the island’s economic recovery. After his speech, Mujica spoke with the Vice President of the Chamber of Commerce José Julio Aparicio about the island’s demographics.
Click here to listen to Mujica’s comments.

May 19, 2024

The Oversight Board visited the Puerto Rico Science, Technology and Research Trust to learn about the important work the organization is completing. During the activity, Oversight Board Chairman David Skeel, Board Members Andrew Biggs and John Nixon, and Oversight Board Executive Director Robert F. Mujica, Jr. learned about the Trust’s projects which focus on stimulating economic development by promoting startup businesses, research & development, and public health initiatives.

May 24, 2024

Oversight Board member John Nixon visited the island municipality of Vieques and met with Vieques Mayor José Corcino Acevedo, to talk about the challenges that Vieques is facing and the economic development initiatives that could help boost its local economy.