PREPA FY24 budget for generation, T&D set at $1.3 billion
By The Star Staff
The Puerto Rico Electric Power Authority’s (PREPA) budget for the generation and transmission & distribution (T&D) systems has been put at $1.3 billion for fiscal year (FY) 2024, which starts July 1.
The information appears in a resolution filed by LUMA Energy on May 16 with the Puerto Rico Energy Bureau.The breakdown of the FY24 budgets consists of $651 million for T&D, $345 million for generation and the HoldCo division, and $304 million for other items, according to the 441-page resolution. The generation systems are under Genera PR, a subsidiary of New Fortress Energy.
In addition, the report includes about $64 million for bankruptcy costs.
The $651 million budget for the T&D system, whose operator is LUMA Energy, is divided into $560 million for operating expenses and $91 million for capital expenditure (CapEx) projects without federal funding. The company also expects to receive $803 million in FY24 to fund CapEx projects.
Genera and PREPA prepared the $345 million budget for generation and the HoldCo division. Of that amount, about $316 million will go to the operation of the generation system, the report says.
About $304 million is listed as other expenses under $129 million, and $53 million will be used to pay LUMA and Genera PR their respective service fees for operating PREPA. The annual budgets for operating PREPA’s generation and T&D systems should increase to $1.34 billion and $1.36 billion in FY25 and FY26, respectively.