Puerto Rico Governor Pedro Pierluisi said he’s in favor of renegotiating a 2019 deal that would pull the island’s public power company, Prepa, out of bankruptcy and repay billions to bondholders, Bloomberg News reported. During a meeting of the Financial Oversight and Management Board on Friday, Pierluisi said conditions in the U.S. territory of 3.3 million people had changed significantly since the restructuring support agreement, or RSA, was hammered out three years ago. In particular, the growth of electric vehicles and signs of economic recovery mean that some surcharges that the 2019 agreement contemplates might not be necessary, he said. “Nobody should tie themselves to the RSA,” Pierluisi told the board. “There are circumstances, it’s worth repeating, that require a renegotiation.”
