Residential electric bills in Puerto Rico could increase by an average of $19 a month if a federal bankruptcy judge approves a proposal filed Thursday to restructure the staggering debt held by Puerto Rico’s power company.
The plan would cut by nearly half the more than $10 billion debt held by the Electric Power Authority — the largest of any government agency — and has the support of at least three major classes of creditors, according to a federal control board that oversees the U.S. territory’s finances and filed the proposal.
