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Este informe no está disponible en español. CARIBBEAN BUSINESS Is Prepa prepared to take Puerto Rico into the 21st century? By CARLOS MARQUEZ of Caribbean Business July 14, 2005 Electric energy: The lifeline of Puerto Rico’s economy Electric energy is a critical commodity in any economy. In Puerto Rico, electrical energy is what keeps the island’s economy moving and, with local demand projected to double over the next 25 years, the Puerto Rico Electric Power Authority (Prepa) is investing $2.1 billion in capital-improvement projects by 2009, adding new power plants, and seeking fuel diversification to reduce the island’s dependence on oil for electric-energy generation. Established in 1941, a commonwealth government public corporation, Prepa ranks fifth among the largest public power-utility companies in the U.S. in terms of megawatt-hour (mwh) sales, just behind the Los Angeles Department of Water & Power, and first in terms of electric revenue. As of Dec. 31, 2004, Prepa served over 1.4 million clients, with residential accounting for 1,300,090 customers; commercial 129,006; industrial 1,674; and others 3,212. Industrial clients have declined by more than 300 in the past four years, however, from 1,986 in June 2000 to 1,674. Residential clients accounted for $897 million or 34.6% of Prepa’s electric-energy revenue, commercial $1.17 billion or 45.1%, industrial 17.1% or $444 million, while others accounted for the remaining $87 million, for a total of $2.6 billion in electric-energy revenue in fiscal 2004. The commonwealth government is Prepa’s largest client. The public sector, which is comprised of the central government and its public corporations and municipalities (included primarily in the commercial category), accounted for 12.1% of kilowatt-hour (kwh) sales and 13.7% of revenue from electric-energy sales for the 12-month period ended Dec. 31, 2004. Prepa’s challenges Electric energy is the lifeline of Puerto Rico’s economic activity. Prepa officials project the demand for energy likely will double in the next 25 years, from 3,624 megawatts (MW) to 6,857 MW by 2030. Prepa’s challenges, however, don’t stop there. As an island, Puerto Rico has an isolated system–unlike most electric utilities on the U.S. mainland, which are able to purchase power from neighboring systems in the event of unscheduled outages or temporary surges in demand. A reviving global economy, increasing demand for energy, and political turmoil in oil-producing regions have seen oil prices soar to more than $55 a barrel in 2004 and to over $60 a barrel just last week. To make matters worse, Puerto Rico’s dependency on oil to fuel its power plants is still 73% vs. only 3% on the U.S. mainland, 18% in Latin America, 20% in Ireland, and 63% in Saudi Arabia. In addition, 70% of Prepa’s generating capacity is on the southern coast of Puerto Rico (a decision made in the 1970s when the petrochemical complex was to be developed on the south coast), while 70% of the energy consumption is on the northern coast. This situation makes the cost of energy transmission and distribution more expensive because of the distance. It also contributes substantially to the loss or unaccountability of 11% of the energy generated, which is almost double the 6% loss on the U.S. mainland. There are many factors outside of Prepa’s control that have an impact on the utility company’s operations and financial condition. These include the high cost of construction and operation of power-plant locations; the volatility and uncertainty of fuel prices; the uncertain cost of capital; regulations and licensing procedures; litigation and other factors that can delay construction, increase the cost of new sites, limit their use, or require costly modifications to existing facilities; and substantially increased capital outlays and longer construction periods required for new plants. Although Prepa has a strategic plan in place to deal with Puerto Rico’s energy needs, with the global-market price of oil fluctuating around $60 a barrel last week, Prepa’s newly appointed executive director, Edwin Rivera, says it is time "to put actions where we put our words," and seeks to reduce Puerto Rico’s oil dependency to 48% by 2010. Prepa’s cost per barrel of oil, which eventually is passed on to the consumer, escalated from $32.29 a barrel in July 2004 to $46.54 in June, a 44% increase in just a year. Nevertheless, last month, Prepa bond-issue documents disclosed projected-average price per barrel of fuel, a blended price of No. 2 and No. 6 fuel-oil prices, during the next five years, would range from $29.72 to $32.03. Documents provided by Prepa puts the present estimated-average cost of a barrel of No. 6 fuel oil at $46.47 and No. 2 fuel oil at $75.31. Actions instead of words Rivera has proposed four short-term measures that are expected to be in place within the next 18 to 24 months to help alleviate the high cost of energy to clients. The first seeks to achieve further fuel diversification by building a gas pipeline from EcoEléctrica in Peñuelas to supply the Aguirre combined-cycle 400 MW combustion turbines with natural gas, which will reduce the cost of energy production. Rivera also plans to reduce Prepa’s energy loss by completing the 28-mile-long eastern-transmission loop, which is 98% done and was delayed pending a decision from the Puerto Rico Supreme Court. The loop that runs from Yabucoa to Sabana Llana will reduce drastically the cost of transmission and provide better voltage to the island’s northern coast. This eastern loop will connect major switching and load centers in Puerto Rico’s northern and eastern regions and boost the electrical system’s capacity in these regions, Rivera said. The eastern loop was built at a cost of $100 million and is expected to begin operating within the next few months. Prepa’s new executive director also plans to substitute four, old 20-MW turbines, which have half the efficiency of new ones, in a Mayagüez plant with four, modern 50-MW turbines, gaining 120 MW. The project is scheduled to be completed within 24 months since new permits aren’t required. In Cambalache, Rivera proposes to install a steam turbine to produce an additional 100 MW to 120 MW. The heat generated from the exit gases of Cambalache’s three 83-MW turbines currently is unused. "These measures will help improve Prepa’s productivity," Rivera said. Prepa’s production plants and the two private cogeneration plants operating on the island have a dependable generating capacity of 5,364 MW. In an attempt to diversify its fuel sources and reduce the island’s historic reliance on oil-fired generating units, under the administration of former Gov. Pedro J. Rosselló, Prepa reached long-term purchase agreements with two privately owned cogeneration plants. Prepa has a contract with EcoEléctrica L.P. to purchase 507 MW of dependable generating capacity from a natural-gas-fired cogeneration plant the private company built in Peñuelas. In addition, Prepa also entered into a long-term contract with AES Puerto Rico L.P. to purchase 454 MW of dependable generating capacity from a coal-fired plant built by AES in Guayama. Their output is fully integrated into the Prepa system, which also maintains dispatch control. AES and EcoEléctrica contribute to Prepa’s efforts toward fuel diversification and improved service reliability. In the past, oil-fired units produced approximately 99% of Prepa’s energy. After incorporating the EcoEléctrica and AES plants into the system, approximately 27% of Prepa’s annual energy requirements are being provided by nonoil-fired generating plants. This percentage is expected to increase to 33% upon EcoEléctrica and AES reaching full contracted availability. The integration of the EcoEléctrica and AES cogeneration plants into the Prepa system also reduces the impact of changes in energy costs to Prepa customers. While the agreements with Prepa provide that energy charges will change based on different formulas related to the prior year, each agreement fixes the energy price for the year of the contract at the beginning of the year. With the energy price fixed for the entire year, Prepa is able to achieve better economic dispatching and scheduling of maintenance on all of its generating units. Keeping the lights on To attend to the projected increase in local demand for electricity, Prepa plans to increase the capacity of the island’s electric system to 6,257 MW. To achieve this, the utility company has been working on three strategic generation projects. In 2004, Prepa began replacing two 44-MW steam units in San Juan (units No. 5 and No. 6 were removed from service in 1997) with new generating units projected to provide a net total of 464 MW of combined-cycle capacity. The project cost is estimated at $230 million, and the units are expected to be operational in 2007. After completion, the San Juan plant will increase its total generating capacity from 400 MW to 864 MW. Based on Prepa’s current projections of peak load, the completion of this project will provide the additional generating capacity needed through fiscal 2009. To accommodate the need for additional capacity beyond fiscal 2009, Prepa’s board of directors approved private construction of a cogeneration plant for $430 million in the island’s western region, which will add approximately 526 MW of generating capacity in fiscal 2010. Nevertheless, Rivera points out alternatives are being evaluated regarding the structure of the project, among them the possibility of making it solely a Prepa project, a joint venture, or a cogeneration arrangement. In addition to natural gas, the proposed plant would have the flexibility to use distilled fuel No. 2 as alternate or contingent fuel. The plant will use a combined-cycle technology, one of the most efficient in electric generation. To supply the natural-gas requirements of the west-coast plant, Prepa plans to build a gas pipeline from EcoEléctrica’s terminal in Peñuelas. Plans also include extending the gas pipeline to San Juan. This will allow Prepa to supply other generating units along the northern coast, such as Cambalache and eventually Puerto Nuevo. The estimated cost of the pipeline is $150 million. Prepa also is exploring the possibility of a downstream market by supplying the private sector. Although Rivera didn’t want to disclose specific companies from the private sector that could join Prepa in this venture, he pointed out that the natural-gas business has many stages and different arrangements can be explored with one or more companies for each stage. CARIBBEAN BUSINESS learned Gas Natural de España is one of the interested companies currently in discussions with Prepa. The challenge doesn’t end with additional generating capacity and a more-diversified supply. Prepa’s transmission and distribution system interconnects its power plants with major switching and load centers throughout Puerto Rico to allow the flow of power to and between these locations. The system is integrated and each generating unit is able to provide electric power to the transmission and distribution system. As of Dec. 31, 2004, Prepa had 2,338 circuit miles of three transmission lines and 30,248 circuit miles of distribution lines. From fiscal 2000 to fiscal 2004, Prepa invested $1.1 billion (or 52.0% of its capital-improvement program) in its transmission and distribution system. The capital-improvement program for the five fiscal years ending June 30, 2009, includes $973 million, or 45.8%, for transmission and distribution. Transmission lines include 331 circuit miles of 230-kilovolt (kV) lines, 676 circuit miles of 115-kV lines, and 1,331 circuit miles of 38-kV lines. There also are 34 miles of underground 38 kV-cable and 55 miles of 38-kV submarine cable. In addition, 71 transmission substations at generating sites and other sites throughout the island have a total transformer capacity of 16,727,250-kilovolt amperes. After completing construction of the transmission loop in Puerto Rico’s western region in fiscal 2002, Prepa now is constructing the new 230-kV transmission lines to complete the transmission loop in the eastern part of the island, which is 98% complete. Prepa also is constructing a new 53-mile-long 230-kV transmission line between its steam plant in the southern coast and the transmission center in Aguas Buenas. Construction of this new transmission line commenced in March 2003 and is expected to be completed by June 2008. Once in operation, this major infrastructure project will enhance the reliability of the transmission system and permit increased power transfers from Puerto Rico’s southern coast to its northern and central regions. The project, which is nearly 30% complete, is estimated to cost $60 million. The construction of an underground 115-kV transmission circuit line around the San Juan metropolitan area is under way to reduce incidents of power loss in the aftermath of hurricanes and other major storms. The estimated cost for this project, expected to be completed in fiscal 2006, is $135 million. The Federal Emergency Management Agency (FEMA) has committed $75 million for investment in the construction of this project through grants to Prepa. In cooperation with several municipalities, Prepa is designing and building major underground systems in high-density metropolitan areas. These underground systems will permit the replacement of overhead subtransmission and distribution lines, improving reliability and assisting municipalities that are undertaking urban-renewal projects by removing unsightly poles, lines, and transformers. A program to improve the 38-kV subtransmission system is in effect, which includes construction of underground 38-kV lines in Mayagüez, Vega Baja, Carolina, Viaducto, Humacao, and San Fernando in San Juan. In addition, most 38-kV lines in the island’s central region are being replaced. These projects will improve the subtransmission system’s reliability. Prepa’s total projected capital-improvement program for the five fiscal years ending June 30, 2009, is approximately $2.1 billion. More than $414.6 million, or approximately 19.5%, of the projected five-year capital-improvement program is expected to be financed with internally generated funds. Prepa’s powers and rates Prepa can determine, fix, alter, charge, and collect reasonable rates, fees, rentals, and other charges for use of its plants, and has complete control and supervision of its properties and activities. In addition, the Commonwealth utility company has the power to create, acquire, and maintain corporations, partnerships, or subsidiary corporations. Public hearings are required before setting permanent rates, with final approval vested solely within Prepa. Puerto Rico Law No. 21, approved May 31, 1985, provides uniform procedures for public hearings and review of the actions of certain public corporations in connection with rate changes set by such public corporations. The law also authorizes the Legislature by resolution to review rates of certain public corporations, including Prepa. At the request of another public corporation under Law 21, the justice secretary has rendered an opinion to the effect that it doesn’t grant veto power to the Puerto Rico Legislature over rates properly adopted by such public corporation. Electric-service rates consist primarily of: basic charges, made up of demand, client, and energy-related charges; fuel-adjustment charges to recover Prepa’s fuel costs; and purchased-power charges to recover Prepa’s costs for power purchased from EcoEléctrica and AES. Although Prepa’s basic charges average 5.7 cents per kwh and it hasn’t increased basic charges since 1989, for the six-month period ended Dec. 31, 2004, total average residential charges per kwh was 13.15 cents, 14.71 cents for commercial, and 11.60 cents for industrial clients. The average for all sectors was 13.65 cents. These rates are substantially higher than the average charged on the U.S. mainland in 2004, which were 8.38 cents for residential, 7.82 cents for commercial, and 4.9 cents for industrial. The cost of electricity was higher in Puerto Rico than in any state except Hawaii, which has an average cost for all sectors of 14.94 cents. Prepa’s monthly average revenue per residential client increased by almost 50% (49.09%) between the fiscal year ended June 30, 2000, and the six-month period ended Dec. 31, 2004, from $43.33 to $64.60, or $21.27 a month; average revenue from commercial clients increased 36.5% and 47.8% from industrial clients during the same period. For the six-month period ended Dec. 31, 2004, the basic charges represented 42.35% of Prepa’s electric-sales revenue, a decrease from 54.77% in fiscal 2000. Charges for fuel adjustments and purchased power, however, increased from 45.23% to 57.65%. Industrial clients To promote industrial development, Prepa instituted five new special rates. These rates offer a discount of approximately 11% to qualified clients. New industrial clients will receive the discount on their total electric bill. Existing industrial clients that expand operations will receive this discount on the demand, energy, and adjustment charges associated with the expansion. These rates became effective July 30, 2003, and will be available for five years. Prepa estimates industry savings could be approximately $18 million over this five-year period. In September 1997, Prepa established a new reduced rate for large industrial clients connected at the 115-kV level and meeting certain criteria, such as a minimum demand and high-load and power factors. This new rate was designed to induce large clients, for whom it is more economical to generate their own power, to buy more electricity from Prepa and discourage independent power production. As of Dec. 31, 2004, four of Prepa’s industrial clients were using such a rate. Beginning in April 2003, Prepa began offering industrial clients with manufacturing operations a two-year, 6% credit on their base charge, provided the average price of oil used in the calculation of the fuel-adjustment charge equaled or exceeded $20 per barrel. Prepa’s board of directors increased the 6% credit to 8% for the period from August 2003 to March 2005. Approximately 655 industrial clients benefited from this credit and, during this two-year period, they saved approximately $20.3 million. Subsidies Certain residential clients receive a subsidy for the fuel-adjustment charge. Residential clients who qualify for the subsidy are billed the full applicable basic charges and the fuel-adjustment charges, with the subsidy taking the form of a credit on their bill. A subsidy is provided to qualifying residential clients to cover a portion of the fuel charges for those who use up to 425 kwh monthly or 850 kwh bimonthly. Nevertheless, it limits the cost of the fuel oil used to calculate the subsidy to a maximum of $30 per barrel. Residential clients must pay any fuel-adjustment charge in excess of $30 per barrel. In 1991, Prepa revised its subsidy, implementing regulations to reduce the number of qualifying clients. Under these regulations, the subsidy has amounted to approximately $17.3 million per year for the five fiscal years ended June 30, 2004. In addition, as a result of legislation approved in July 1985, certain tourism locations, such as hotels certified by the Puerto Rico Tourism Co., also receive subsidies from the Commonwealth to pay their electric bill. Hotels receive a subsidy equal to 11% of their monthly billing, which has amounted to approximately $3.3 million per year for the five fiscal years ended June 30, 2004. To receive this subsidy, hotels must be current with their electric-service accounts. Contributions in lieu of taxes By law, Prepa is required to pay contributions in lieu of taxes (in accordance with a certain formula) to the Treasury secretary (for distribution to the municipalities) from its net revenue. Contributions in lieu of taxes to municipalities can be used to offset accounts-receivable balances owed to Prepa. Prior to a September 2004 amendment to the law, the contribution amount in lieu of taxes was equal to 6% of Prepa’s gross electric-energy sales and was computed based on an annual average fuel-oil price of up to $30 a barrel. Before the amendment, Prepa was required to set aside from its annual net revenue an additional amount equal to 5% of its annual gross electric-energy sales based on kwh. This is known as the "electric-energy-sales set aside." Under a September 2004 amendment, 11% of Prepa’s gross electric-energy sales will be used by the utility to fund its government-subsidy programs, to pay contributions in lieu of taxes to the municipalities, to finance the utility’s capital-improvement programs, and for other purposes. For fiscal 2004, contributions in lieu of taxes to municipalities amounted to $120.6 million, of which $6.1 million was reimbursed to the municipalities and $114.5 million was used to offset or reduce outstanding accounts-receivable balances. For the six-month period ended Dec. 31, 2004, contributions in lieu of taxes to municipalities amounted to $66.1 million. Fuel keeping island’s economy moving For the fiscal year ended June 30, 2004, fuel-oil expenses amounted to $864.7 million or 43.7% of total current expenses, a drop from $886.4 million or 47.4% of total current expenses in fiscal 2003. For the six-month period ending Dec. 31, 2004, fuel-oil expenses amounted to $507.4 million, or 45.7% of total current expenses. Prepa’s thermal-generating units, which produced approximately 73% of the net electric energy generated by the system in fiscal 2004, use No. 6 fuel oil, except for the 22 smaller combustion-turbine units, the two Aguirre combined-cycle units, and the 249 MW combustion-turbine plant in Arecibo, which burns No. 2 distillate fuel oil. Prepa’s fuel requirements for its generating plants are covered by one-year contracts, which expire at various times and usually are renewable at the option of the utility company. Prepa’s contracted fuel-oil prices consist of an escalation factor plus a fixed-price differential. The escalation factor reflects the fuel-oil price in the New York market at the time of purchase. The fixed-price differential compensates for the fact fuel oil is delivered to the Commonwealth and not New York. It also takes into account other aspects of the delivery, such as maximum cargo volume and draft restrictions. Since Prepa’s dependence on fuel oil has decreased with the EcoEléctrica and AES cogeneration plants, customary inventory of fuel oil will cover 40 days of ordinary operations, up from 25 days in the past, according to Prepa. Although sources of fuel oil continually are changing as a result of variations in relative price, availability, and quality, Prepa never has been forced to curtail service to its clients because of fuel-oil shortages. Prepa’s total-inventory capacity for fuel oil is 3.4 million barrels. As of Dec. 31, 2004, Prepa had an inventory of 1.9 million barrels of fuel oil. Vitol SA and Lukoil are Prepa’s main oil suppliers. Vitol SA is expected to supply 16.5 million barrels of No. 6 fuel to the Aguirre and Costa Sur plants at an average cost of $45.88 a barrel, while Lukoil is expected to supply Palo Seco and San Juan with 9.5 million barrels at $47.52 each. In addition, Vitol SA and Esso are expected to supply 6.45 million barrels of No. 2 fuel oil at an average price of $75.31 each. Prepa estimated the annual fuel-oil cost from these three companies is $1.694 billion or almost double Prepa’s cost for fuel oil from all suppliers in fiscal 2004. Not without its share of controversies Over the past few years, the Comptroller’s Office has issued seven reports covering various areas of Prepa’s operations, including findings regarding the acquisition of fuel and overcharges on the electricity bill. Many critics also argue Prepa’s productivity is extremely low. For example, a government-sponsored study released by consulting firm AT Kearney pointed out that in 2000, Prepa’s kwh sales per employee was 1.8 compared to 4.6 in Sacramento, 5.0 in Los Angeles, and 8.9 in New York. Although Rivera acknowledges the need to improve productivity, he points out that in the production area (electric generation), Prepa has 0.3 employees per MW installed capacity vs. EcoEléctrica’s 0.2 employees per MW in the production area. Rivera compared Prepa’s situation with other utilities that also handle transmission and distribution. "Many of them have the flexibility to share a lot of the work with the private sector, contrary to Prepa, which is limited by collective-bargaining agreements that must be respected. I will concentrate my efforts on motivating, changing processes and visions, and increasing productivity to levels comparable to the private sector," Rivera said. Prepa is presently negotiating various collective-bargaining agreements. Rivera describes the negotiations as cordial and expects to close two of the agreements in a relatively short period. Negotiations for the third contract, with Utier, Prepa’s largest labor union, began recently and are expected to take some time; but Rivera says they are entering negotiations with the best of intentions and in good faith, looking for the avenues that could provide the mechanisms to reach a satisfactory agreement for both parties. Powerhouse power plays On March 17, the chairman of Prepa’s board announced Héctor Alejandro, until then the deputy executive director of Prepa, was appointed acting executive director. Alejandro replaced Héctor Rosario, who "was relieved of his duties by the board as a result of differences between them that couldn’t be resolved," according to Prepa documents. Alejandro is a chemical engineer and a lawyer with more than 30 years experience at Prepa. The chairman, a former executive director of Prepa, and the other members of the board didn’t anticipate any changes in Prepa’s business strategy as a result of this management change, nor did they anticipate any other changes in Prepa’s senior management at that time. However, less than four months later, the board, chaired by José Del Valle, replaced Alejandro with Edwin Rivera, an engineer with 31 years of service with Prepa. Prepa retains the firm of Washington Group International Inc., successor to Raytheon Engineers & Constructors Inc., as consulting engineers. Washington Group International Inc. was formed in July 2000 following the acquisition by Morrison Knudsen Corp. of Raytheon Engineers & Constructors Inc. Prepa also recently entered into a professional-services agreement with Washington Engineers P.S.C., an affiliate of Washington Group International Inc., to provide services in connection with the construction of San Juan’s No. 5 and No. 6 combined-cycle generating units, a contract worth $175 million according to the Comptroller’s Office contract register. Is Prepa prepared to weather the storms? Puerto Rico’s location in a hurricane path threatens aboveground electrical infrastructure, and Rivera says there always is an impact on the system. To attend the impact of potential damages, Prepa is prepared with the required supplies and parts, and the vehicle fleet is ready, as are the utility’s helicopters and personnel. "Prepa’s power plants are always prepared and usually don’t suffer major damages from a hurricane or storm," Rivera said. "If you have solid infrastructure in your power-plant system, you have 50% of the game won since they are the most difficult to repair if damaged. They are ready to work using batteries to protect themselves. All procedures are in place to allow Prepa to return the system to service. The time it takes depends, of course, on the size and impact of the storm. According to Rivera, Prepa also maintains collaboration agreements with other U.S. utilities, some which Prepa has assisted in the past, and has excellent relations with FEMA. Projected Electricity Demand In megawatts 2005 to 2030 2005: 3,624 2006: 3,727 2007: 3,845 2008: 3,952 2009: 4,083 2010: 4,187 2011: 4,316 2012: 4,435 2013: 4,556 2014: 4,665 2015: 4,802 2016: 4,928 2017: 5,056 2018: 5,171 2019: 5,317 2020: 5,450 2021: 5,584 2022: 5,705 2023: 5,859 2024: 5,000 2025: 6,141 2026: 6,267 2027: 6,430 2028: 6.577 2029: 6,725 2030: 6,857 Source: Prepa Prepa's Electric-System Capacity Actual & 2009 Projection Plant: Actual No. of Units / Projected No. of Units / Actual Capacity (in MW*) / Projected Capacity (in MW) San Juan: 4 / 8 / 400 / 864 Palo Seco: 4 / 4 / 602 / 602 Aguirre: 2 / 2 / 900 / 900 Costa Sur: 6 / 4 / 1,090 / 990 Combined cycle: 10 / 10 / 592 / 592 Cambalache: 3 / 3 / 248 / 248 Turbine combustion: 22 / 22 / 462 / 462 Diesel motors: 7 / 8 / 9 / 12 Hydroelectric: 21 / 21 / 100 / 100 Cogenerators EcoEléctrica: 3 / 3 / 507 / 507 AES Puerto Rico: 2 / 2 / 454 / 454 Combined cycle (West Region): – / 3 / – / 526 Total: 84 / 90 / 5,364 / 6,257 *MW = megawatts Source: Prepa Increase in Prepa's Electric Revenue Year Ended June 30, 2000 / Six Months Ended Dec. 31, 2004 / Difference 2000-2004 / % Change 2000-2004 Average revenue per kwh (in cents) Residential: $9.92 / $13.15 / $3.23 / 32.56% Commercial: 12.19 / 14.71 / 2.52 / 20.67% Industrial: 9.58 / 11.60 / 2.02 / 21.09% Other: 17.39 / 21.81 / 4.42 / 25.42% Average all cases: $10.94 / $13.65 / $2.71 / 24.77% Monthly average revenue per client Residential: $43.33 / $64.60 / $21.27 / 49.09% Commercial: 599.01 / 817.40 / 218.39 / 36.46% Industrial: 16,444.53 / 24,310.73 / 7,866.20 / 47.83% Other: 2.167.45 / 2.282.12 / 114.67 / 5.29% Average all cases: $122.95 / $165.60 / $42.65 / 34.69% Source: Prepa Prepa's Selected Statistical Information Fiscal Years Ended June 30 2000 / 2004 / Difference 2000-2004 / % Change 2000-2004 Energy generated, purchased, and sold (in millions of kwh) Electric energy generated and purchased: 20,306 / 24,100 / 3,794 / 18,68% Auxiliary equipment used: -1,064 / -1.085 / -21 / 1.97% Net electric energy generated & purchased: 19,242 / 23,015 / 3,773 / 19.61 % Lost & unaccounted: -1,097 / -2.755 / -1,658 / 151.14% Electric energy sold: 18,145 / 20,260 / 2,115 / 11.66% Electric energy sales (in millions of kwh) Residential: 6,385 / 7,338 / 953 / 14.93% Commercial: 7,206 / 8,400 / 1,194 / 16.57% Industrial: 4,091 / 4.092 / 1 / 0,02% Other: 463 / 430 / -33 / -7.13% Total: 18,145 / 20,260 / 2,115 / 11.66% Electric-energy revenue ($ in thousands): Residential: $633,151 / $897,965 / $264,814 / 41.82% Commercial: 878,697 / 1,171,110 / 292,413 / 33.28% Industrial: 391,906 / 444,070 / 52,164 / 13,31% Other: 80,473 / 87,123 / 6,650 / 8.26% Total: $1,984,227 / $2,600,268 / $616,041 / 31.05% Average revenue per kwh (in cents) Residential: 9.92 / 12.24 / 2.32 / 23.39% Commercial: 12.19 / 13.94 / 1.75 / 14.36% Industrial: 9.58 / 10.85 / 1.27 / 13.26% Other: 17.39 / 20.29 / 2.90 / 16.68% Average all cases: 10.94 / 12.83 / 1.89 / 17.28% Average number of clients Residential: 1,217,584 / 1,287,010 / 69,426 / 5.70% Commercial: 122,243 / 127,705 / 5,462 / 4.47% Industrial: 1,986 / 1.679 / -307 / -15.46% Other: 3,094 / 3.208 / 114 3.68% Total: 1,344,907 / 1,419,602 / 74,695 / 5.55% Monthly average revenue per client Residential: $43.33 / $58.14 / $14.81 / 34.18% Commercial: 599.01 / 764.20 / 165.19 / 27.58% Industrial: 16,444,53 / 22,040.40 / 5,595,87 / 34,03% Other: 2,167.45 / 2,263.17 / 95.72 / 4.42% Average all cases: $122.95 / $152.64 / $29.69 / 24.15% Source: Prepa This Caribbean Business article appears courtesy of Casiano Communications. or
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