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WAPA is losing money and swimming in debt, with very high electricity costs. Decades of hospitals and government agencies using it an involuntary lender by not paying power bills have starved it, forcing chronic delays in maintenance and upgrades. But not all is doom and gloom.
WAPA is swimming in debt. Where did it come from? What can be done about it? Some in the PSC, Senate and the public feel this debt is the result of mismanagement. Is it? And how much does it matter, if we have to pay up anyway?
It will surprise no one to hear that finances at the V.I. Water and Power Authority are not good. But can it become sustainable? Is the news all bad or is there sunlight?
Tuesday’s oral arguments in a Supreme Court case challenging the constitutionality of Puerto Rico’s financial oversight board could impact the treatment of future cases involving U.S. territories.