New debt plan proposes spike in Puerto Rico power bills

By DÁNICA COTO
Associated Press

SAN JUAN, Puerto Rico (AP) — Residential electric bills in Puerto Rico could increase by an average of $19 a month if a federal bankruptcy judge approves a proposal to restructure the staggering debt held by Puerto Rico’s power company. The plan filed Thursday would cut by nearly half the more than $10 billion debt held by the Electric Power Authority _ the largest of any government agency. The plan also 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.