AES Gives Government of Puerto Rico an Ultimatum for Economic Bailout

Email exchanges, meetings with key personnel from the Puerto Rico Electric Power Authority (PREPA) and the discussion of a Memorandum of Understanding to renegotiate AES Puerto Rico’s (AES-PR) contract with the government of Puerto Rico six years before it expires. This all has happened over the past 11 months, away from public scrutiny. However, a letter from Natalie Jaresko, executive director of the Fiscal Control Board, to PREPA’s Governing Board uncovered what until today had been a secret between AES executives and members of Pedro Pierluisi’s administration: that the coal energy producer is going through its worst economic crisis and to get out of it, is demanding that the government of Puerto Rico come to its rescue. “The cash flow problem at AES-PR is dire,” AES President Jesús Bolinaga Serfaty said in a letter written on March 24, 2021 to PREPA executives that had been kept secret, but that the Center for Investigative Journalism (CPI, in Spanish) and La Perla del Sur obtained after months of requests and the filing of a request for Mandamus for access to public information. Screenshot of the communication.