Puerto Rico utility debt restructuring will benefit bondholders, hurt ratepayers

Tag: 夜上海论坛QP

first_imgPuerto Rico utility debt restructuring will benefit bondholders, hurt ratepayers FacebookTwitterLinkedInEmailPrint分享NBC News:Puerto Rico residents, who already pay almost twice as much for electricity as U.S. customers, are facing a 13 percent spike under an agreement government officials made to repay bondholders who own the debt of the island’s bankrupt power authority.The average residential household in Puerto Rico would start seeing an increase of approximately $11 per month by the summer of 2020, increasing costs to more than $130 a year, according to an analysis from the Institute for Energy Economics and Financial Analysis (IEEFA), a nonprofit that conducts research and analyses on financial and economic issues related to energy and the environment.“This deal doesn’t acknowledge the fundamental reality that the Puerto Rico economy is declining,” Cathy Kunkel, an energy analyst at IEEFA, told NBC News. “I don’t understand how they expect people to pay for this.”These increased costs come as Puerto Rico continues to struggle to recover from the wallop Hurricane Maria delivered in 2017, resulting in the total collapse of the island’s power grid and the world’s second-longest blackout.Rates are expected to gradually increase this year until fiscal year 2043 if the island’s legislature and bankruptcy courts approve the deal by the end of June. In almost 25 years, Puerto Ricans would be paying almost $20 more a month than they pay now — up to about $220 more a year per household until bondholders are paid off.IEEFA analysts estimate that, under the new deal, Puerto Ricans will pay more than $23 billion over the next 48 years, plus an additional $100 million to $200 million to cover the deal’s administrative expenses. “This is a great deal for the consultants and the financial and legal counselors involved, not for Puerto Ricans,” Kunkel said.More: Puerto Ricans already pay high energy prices. They could go higher.last_img read more


Tag: 夜上海论坛QP

first_imgThere are large common areas to mingle in. Picture: Realestate.com.au The view from the rooftop gym. Picture: Realestate.com.au A unit in this building that generated strong public feedback has sold to a millennial investor. Picture: Realestate.com.auA GEN Y investor has beat hundreds of interested parties to win a property that was billed Brisbane’s best inner-city bargain.Over 350 people were interested in the studio apartment at 902/188 Shafston Avenue in Kangaroo Point, which was listed at offers over $130,000.The property deal went unconditional at $150,000, with the millennial buyer making just the one offer. The property is in high demand Kangaroo Point, a suburb that’s just a hop across the river to the CBD. Picture: Realestate.com.au The studio kitchen is functional. Picture: Realestate.com.au It’s almost like a large hotel room with a fully functioning kitchen. Picture: Realestate.com.auWith no car accommodation but located just across the river from the Brisbane CBD, the property was said to be great for investors or those who wanted a cost effective inner city base.The 21sq m unit was in a complex with two shared gyms – one indoor, one outdoor, and across the river from the bustling Fortitude Valley entertainment precinct. DREAM HOME PRICE SLASHED BY $3M MIDDLE RING UNITS CHEAPER THAN LAND *FOLLOW SOPHIE FOSTER ON FACEBOOK or TWITTER @SophieFoster center_img Work out bright and early with the birds. Picture: Realestate.com.au The building has a second gym indoors. Picture: Realestate.com.au The property is perfect as an inner-city base. Picture: Realestate.com.au More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours agoThe building has common chill zones. Picture: Realestate.com.auIt’s believed the millennial buyer intends to continue to have the property rented out.It currently fetches around $250 a week, which equates to a rental return of just over 8 per cent.Real estate agent Solomon Michael of Coronis Coorparoo sealed the deal within three weeks of marketing the property as an urgent sale.“This owner needs it sold as soon as possible,” he had said.last_img read more