World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico
Keywords:
Mary Walsh documents the bizarre instances of waste in Prepa, Puerto Rico's power company. It provides free electricity to 78 municipalities, a system setup in 1941 under FDR appointed Governor Tugwell, in lieu of property taxes to be paid to municipalities. This includes such projects as a ice skating rink on a tropical island, wasteful use of power by locating businesses in municipal buildings, and a system which incentivizes waste of power.
Puerto Rico's Prepa and free electricity given to 78 municipalities and the port authority- the practice dates back to 1941 by FDR appointed governor Rexford Tugwell
02/01/2016
Tugwell pulled together private electricity companies into a public company Prepa, which would not pay property taxes and instead provide free electricity to municipalities in lieu of property taxes. In 2016 the free electricity is estimated to increase government debt by $9 billion of $72 billion in total debt Puerto Rico cannot pay. The free electricity has led to such wasteful projects as an ice skating rink in Aguadilla, Puerto Rico.
Grouped Articles
How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico
New York Times 02/01/2016
At Puerto Rico’s Power Company, a Recipe for Toxic Air, and Debt
New York Times 02/15/2016
Puerto Rico and debt reduction
08/14/2015
Grouped Articles
What the United States Owes Puerto Rico
Wall Street Journal 08/14/2015
Economist 12/07/2015
How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico
New York Times 02/01/2016
Puerto Rico's economy in 2015-2016
07/03/2015
Grouped Articles
Despair and Anger as Puerto Ricans Cope With Debt Crisis
New York Times 07/03/2015
Economist 07/11/2015
Economist 12/07/2015
Inside the Billion-Dollar Battle for Puerto Rico’s Future
New York Times 12/19/2015
How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico
New York Times 02/01/2016
Investor's in Puerto Rico bonds and the state's inability to pay $72 billion in debt in 2015
06/30/2015
Grouped Articles
Puerto Rico Urges Concessions From Creditors
Wall Street Journal 06/30/2015
Puerto Rico Governor Calls for Delay in Debt Payments for ‘Number of Years’
Wall Street Journal 06/30/2015
The Bonds That Broke Puerto Rico
New York Times 06/30/2015
Hedge Funds Fight to Save Puerto Rico Investments
New York Times 06/30/2015
Wall Street Journal 07/03/2015
Despair and Anger as Puerto Ricans Cope With Debt Crisis
New York Times 07/03/2015
Puerto Rico Electric Power Authority debt restructuring
07/02/2015
Grouped Articles
Puerto Rico Utility Makes Payments to Bondholders
Wall Street Journal 07/02/2015
Wall Street Journal 07/03/2015
Despair and Anger as Puerto Ricans Cope With Debt Crisis
New York Times 07/03/2015
Puerto Rico’s Power Authority Reaches Preliminary Pact with Bond Insurers
Wall Street Journal 12/19/2015
Puerto Rico Power Authority in Restructuring Deal With Creditors
Wall Street Journal 12/25/2015
How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico
New York Times 02/01/2016
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us