P.R. Laws tit. 22, § 193
(a) There is hereby created a body corporate and politic constituting a public corporation and governmental instrumentality of the Commonwealth of Puerto Rico by the name of the “Puerto Rico Electric Power Authority”.
(b) The Authority hereby created is and shall be a government instrumentality subject, as provided herein, to the control of its Governing Board, but it is a corporation having legal existence and personality separate and apart from that of the Government of the Commonwealth of Puerto Rico. The Authority and its Governing Board shall be subject to the supervision and oversight of the Commission, and shall submit all the information required and requested by the Commission in the form and manner that the latter prescribes therefor. The debts, obligations, contracts, bonds, notes, debentures, receipts, expenditures, accounts, funds, undertakings, and assets of the Authority, its officers, agents or employees shall be deemed to be those of said government-controlled corporation and not to be those of the Government of the Commonwealth of Puerto Rico or any office, bureau, department, commission, instrumentality, municipality, branch, agent, officer or employee thereof. However, since it is a government instrumentality, the Legislative Assembly may act as the representative of its bondholders, the People of Puerto Rico, and protect the interests thereof by requiring PREPA to periodically submit, as required, to the Legislative Assembly and publish readily accessible in its website, the following information:
(1) Any document related to the revenues, sales, expenses, disbursements, assets, liabilities, accounts receivable, and any of the financial information thereof;
(2) The price per barrel, or its equivalent, per type of fuel, the average rate per kilowatt-hour for each class of customer, the cost of generation per kilowatt-hour, all operating expenses, distributed energy generation per type of technology, and any other information about the operations of the Authority;
(3) A breakdown of the daily electricity demand projected and determined by the Energy Control Center of PREPA;
(4) Data related to the energy generation capacity and reserve margin;
(5) Status of the internal procedures of PREPA to implement the changes required by means of legislation to reform Puerto Rico’s electrical system; and
(6) Any other information deemed necessary by the Legislative Assembly.
History
—May 2, 1941, No. 83, p. 684, § 3; Apr. 8, 1942, No. 19, p. 330, § 1; June 17, 1966, No. 62, p. 203, § 1; May 27, 2014, No. 57, § 2.2.