Puerto Rico Designation and Responsibilities of Operator - Revision to V. A. of 1989 Agreement
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FAQ
PREPA serves close to 1.5 million customers through several power plants (as of 2015): In 2020 the agency continues to report that it serves 1.5 million customers. In July 1, 2023, every generation plant owned by PREPA got taken over by private company Genera PR.
Genera PR ? a subsidiary of the New York-based New Fortress Energy, already a major supplier of liquefied natural gas to Puerto Rico ? won a bid to take over electrical generation from PREPA in early 2023. While there was some resistance to this, the company took over electrical generation on July 1, 2023.
Genera PR's contract is the result of a privatization process that started in 2017, after the PREPA declared bankruptcy following years of low liquidity, limited access to capital markets and the burden of long-term debt.
Genera PR is a subsidiary of New York-based New Fortress Energy, which works closely with Shell Oil and other oil and gas producers. Genera also will handle contracts related to fuel purchases for the island's 12 power facilities as part of a 10-year contract with Puerto Rico's government.
In January 2023, Puerto Rico awarded a 10-year contract for the operation and maintenance of PREPA's power plants to Genera, a subsidiary of New Fortress Energy (NFE). NFE delivers natural gas and supports the expansion of natural gas infrastructure. NFE made cost savings a centerpiece of its proposal to PREPA.
