The Puerto Rico Electric Power Authority, the public corporation that missed a deadline Monday to announce a restructuring plan, had a mixed first half of its fiscal year.
Its cash and cash equivalents rose by more than half to Dec. 31 from June 30, while its change in net position in the first six months was 28% worse than budgeted, according to a December monthly statement posted to its web site. The report is the most recent one available.
In August, 2014, PREPA reached separate agreements with a portion of its bondholders/bond insurers, bank lenders, and the Government Development Bank for Puerto Rico, promising to provide a restructuring plan by March 2. On Friday, PREPA said it was still working on the plan. A default by PREPA, which owes more than $8 billion, would be the biggest in municipal history.
PREPA's total cash and cash equivalents increased to $209.69 million on Dec. 31. This was a 53% improvement from the figure for June 30 and a 234% improvement from the figure for Sept. 30.
Total liabilities declined 3.1% to Dec. 31 from June 30.
However, several other key metrics showed deterioration.
Total assets and deferred outflows declined by 4.5% to Dec. 31 from June 30.
Total expenses were close to the anticipated level for the six months, while total revenues were 2.7% below budget. That led to a negative change in net position in the first six months of $110.24 million rather than the anticipated negative $85.88 million. The change in net position was equal to 4.7% of revenue during the period.
The monthly report also showed that PREPA's average price per barrel of oil in December was 16.3% less than it had been in December 2013.
Finally, the report showed that PREPA's personnel count had declined 1,115, a 13.4% decrease, to December 2014 from December 2013. This count covers management and non-management employees.
