AES PR reports net income rebound from year-ago
By The Star Staff
AES Puerto Rico reported a net income of $3.4 million in the three months ended March 31, an increase from the $1.6 million net loss reported in the January to March 2022 period, a market filing shows.
AES Puerto Rico in February had said that it would not have sufficient funds to repay the bond debt service payment due June 1. The firm operates a 454.3-megawatt net coal-fired power plant that sells electricity to the Puerto Rico Electric Power Authority (PREPA).
The information submitted recently to the Electronic Municipal Market Access shows the company recording an operating income of about $6.1 million, up 233.6% from $1.8 million in the first quarter of 2022. It comes from an unaudited financial statement on May 22. According to the report, the operating income resulted from some $65.1 million in revenues against total costs and expenses of almost $59 million.
PREPA and LUMA Energy, the private operator of PREPA’s transmission and distribution system, recently agreed to reduce the collection period of the invoices that AES Puerto Rico issues under a 25-year power purchase agreement that began in 2002 to provide immediate liquidity relief. The company has had problems because of certain regulatory changes made on the island with respect to coal.