Latest news with #PREPA
Reuters
21-05-2025
- Business
- Reuters
US redirects $365 million Biden had set for Puerto Rico solar power
WASHINGTON, May 21 (Reuters) - The Trump administration said on Wednesday it will redirect $365 million in funding for Puerto Rico's power grid that had been awarded during the previous administration to support rooftop solar power and battery storage. Puerto Rico has long dealt with widespread power outages due to the U.S. territory's crumbling infrastructure, the 2017 bankruptcy of the Puerto Rico Electric Power Authority and a string of devastating hurricanes. It experienced an island-wide blackout a month ago, followed by an outage that hit 134,000 customers. The Department of Energy said the funding will be redirected to "expand access to reliable power for millions of people rather than thousands and generate a higher return on investment for taxpayers while advancing grid resiliency for Puerto Rico." The department did not immediately respond to a Reuters request for comment about where the funding would go instead of solar. But last week Energy Secretary Chris Wright issued an emergency order that directs Puerto Rico's state-owned utility to plug chronic electricity shortfalls on the island with electricity from oil-burning power plants, which emit pollution including greenhouse gases. The funding for solar power was awarded in late 2024, for projects that had been slated to begin construction in 2026. The DOE said the redirected funding will support practical fixes and emergency activities that offer a faster, more effective solution to the current crisis, benefiting critical facilities like hospitals and community centers.
Yahoo
19-05-2025
- Business
- Yahoo
Genasys Inc. Provides Update on Puerto Rico Dam EWS Project
Implementation Phase Has Begun SAN DIEGO, May 19, 2025--(BUSINESS WIRE)--Genasys Inc. (NASDAQ: GNSS), the global leader in Protective Communications, today provided updated information related to the previously announced $75 million contract to provide Puerto Rico Electric Power Authority (PREPA) with an Emergency Warning System (EWS) to protect residents and visitors downstream of the island's 37 dams. Since signing the definitive agreement in August 2024, PREPA and Genasys have been actively working to complete the implementation. The overall project has been broken down into 7 groups of dams, that will each have an Emergency Operating Center (EOC) established. The agreement stipulates that after each group's design is approved, a deposit of 60% of the group's value will be paid to Genasys, in order to facilitate procurement, manufacturing, and delivery of all hardware and instrumentation. The first three of seven groups have been designed and approved to proceed. The total value of these first three groups is over $36 million. In the fiscal first quarter earnings release on February 11th, Genasys reported that it had received two of the deposits and that a third deposit was expected soon. On the company's May 13th second quarter earnings call, management reported that the third deposit had not yet been received but was expected shortly. Last Friday, May 16th, Genasys received a partial deposit for the third group of dams. The remainder of the third deposit is expected to be received within the next few weeks. Detailed plans and permits have been approved on a number of the sites. Initial construction on the island of Puerto Rico began in early April. Instrumentation and material is being aggregated and assembled in Genasys' San Diego facility with shipments for the first three groups now expected to begin this month. Current shipping schedules call for all of the material required to complete the first three groups of dams be delivered to Puerto Rico in the Company's fiscal fourth quarter. As discussed during the second quarter earnings call, cash receipts will precede revenue and profit recognition. Initial 'percent of complete' revenues will be recognized on a cost basis for the delivery of hardware and instrumentation to Puerto Rico. Then, as installation and implementation of the equipment is completed, additional revenues will be accrued on an hourly basis. The resulting impact of this treatment is that the vast majority of revenues associated with the first three groups is expected to be recognized in the September quarter. Initial revenue recognition on the delivery of instrumentation will be on a cost, or zero margin basis, with subsequent revenues reflecting the profits on both the equipment and the implementation. This update has been provided with the intent of informing investors of the progress of this significant contract, though no obligation or commitment to further update progress exists. About Genasys Inc. Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications. Incorporating the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as the Company's Long Range Acoustic Devices® (LRAD®) the Genasys Protect platform is designed around one premise: ensuring organizations and public safety agencies are "Ready when it matters™." Protecting people and saving lives for over 40 years, Genasys covers more than 155 million people in all 50 states and in over 100 countries worldwide. . For more information, visit Forward-Looking Statements Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in any forward-looking statement. The risks and uncertainties in these forward-looking statements include without limitation the business impact of geopolitical conflicts and other causes that may affect our supply chain, and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended September 30, 2024. Genasys Inc. disclaims any intent or obligation to publicly update or revise forward-looking statements, except as otherwise specifically stated. View source version on Contacts Investor Relations Contact Brian Alger, CFASVP, IR and Corporate Developmentir@ (858) 676-0582
Business Wire
19-05-2025
- Business
- Business Wire
Genasys Inc. Provides Update on Puerto Rico Dam EWS Project
SAN DIEGO--(BUSINESS WIRE)--Genasys Inc. (NASDAQ: GNSS), the global leader in Protective Communications, today provided updated information related to the previously announced $75 million contract to provide Puerto Rico Electric Power Authority (PREPA) with an Emergency Warning System (EWS) to protect residents and visitors downstream of the island's 37 dams. Since signing the definitive agreement in August 2024, PREPA and Genasys have been actively working to complete the implementation. The overall project has been broken down into 7 groups of dams, that will each have an Emergency Operating Center (EOC) established. The agreement stipulates that after each group's design is approved, a deposit of 60% of the group's value will be paid to Genasys, in order to facilitate procurement, manufacturing, and delivery of all hardware and instrumentation. The first three of seven groups have been designed and approved to proceed. The total value of these first three groups is over $36 million. In the fiscal first quarter earnings release on February 11 th, Genasys reported that it had received two of the deposits and that a third deposit was expected soon. On the company's May 13 th second quarter earnings call, management reported that the third deposit had not yet been received but was expected shortly. Last Friday, May 16 th, Genasys received a partial deposit for the third group of dams. The remainder of the third deposit is expected to be received within the next few weeks. Detailed plans and permits have been approved on a number of the sites. Initial construction on the island of Puerto Rico began in early April. Instrumentation and material is being aggregated and assembled in Genasys' San Diego facility with shipments for the first three groups now expected to begin this month. Current shipping schedules call for all of the material required to complete the first three groups of dams be delivered to Puerto Rico in the Company's fiscal fourth quarter. As discussed during the second quarter earnings call, cash receipts will precede revenue and profit recognition. Initial 'percent of complete' revenues will be recognized on a cost basis for the delivery of hardware and instrumentation to Puerto Rico. Then, as installation and implementation of the equipment is completed, additional revenues will be accrued on an hourly basis. The resulting impact of this treatment is that the vast majority of revenues associated with the first three groups is expected to be recognized in the September quarter. Initial revenue recognition on the delivery of instrumentation will be on a cost, or zero margin basis, with subsequent revenues reflecting the profits on both the equipment and the implementation. This update has been provided with the intent of informing investors of the progress of this significant contract, though no obligation or commitment to further update progress exists. About Genasys Inc. Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications. Incorporating the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as the Company's Long Range Acoustic Devices® (LRAD®) the Genasys Protect platform is designed around one premise: ensuring organizations and public safety agencies are 'Ready when it matters™.' Protecting people and saving lives for over 40 years, Genasys covers more than 155 million people in all 50 states and in over 100 countries worldwide. . For more information, visit Forward-Looking Statements Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in any forward-looking statement. The risks and uncertainties in these forward-looking statements include without limitation the business impact of geopolitical conflicts and other causes that may affect our supply chain, and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the 'Risk Factors' section of the Company's Form 10-K for the fiscal year ended September 30, 2024. Genasys Inc. disclaims any intent or obligation to publicly update or revise forward-looking statements, except as otherwise specifically stated.
Reuters
16-05-2025
- Politics
- Reuters
US order allows Puerto Rico to shore up ailing power grid with fuel oil plants
May 16 (Reuters) - U.S. Energy Secretary Chris Wright issued an emergency order on Friday that will allow Puerto Rico's state-owned utility to plug chronic electricity shortfalls on the island with electricity from oil-burning power plants without running afoul of environmental laws. Puerto Rico has long dealt with regular and widespread power outages due to the island's crumbling infrastructure, the 2017 bankruptcy of the Puerto Rico Electric Power Authority (PREPA), and a string of devastating hurricanes. It experienced an island-wide blackout a month ago, followed by an outage that hit 134,000 customers this week. The Biden administration said in January that billions of dollars in government funding had supported more than 200 projects to improve Puerto Rico's grid, including battery systems, emergency gas generators, smart meters, and solar energy projects. Those projects were largely aligned with former President Joe Biden's focus on clean energy as part of his climate change agenda. President Donald Trump has pledged to undo Biden-era climate initiatives and boost domestic fossil fuel production. "Access to energy is essential for all modern life, yet the current energy emergency jeopardizes Puerto Ricans' access to basic necessities. This system is unsustainable, and our fellow citizens should not be forced to suffer the constant instability and dangerous consequences of an unreliable power grid," Wright said in a statement. "This Administration clearly understands the urgency of the crisis and is utilizing available, existing emergency authorities to put words into action," said Puerto Rico Governor Jenniffer González Colón. Wright issued two orders under section 202(c) of the Federal Power Act, which effectively overrides federal and state environmental laws for a brief period to address an emergency shortage of electricity. The first order applies to eight fuel oil power plants and more than a dozen temporary generators installed by the Federal Emergency Management Agency. The second order directs PREPA to manage overgrown vegetation that is contributing to failures on the island's transmission system.
Business Wire
01-05-2025
- Business
- Business Wire
Public Statement of Certain PREPA Bondholders
NEW YORK--(BUSINESS WIRE)--Certain bondholders of the Puerto Rico Electric Power Authority ('PREPA'), including, Assured Guaranty Inc., GoldenTree Asset Management LP, National Public Finance Guarantee Corporation, the PREPA Ad Hoc Group and Syncora Guarantee, Inc., today issued the following statement: The recent island-wide power outage, which left the people in Puerto Rico without electricity during Holy Week, was devastating for residents. The outage showed yet again the complete failure of the Financial Oversight and Management Board (the 'Oversight Board') to manage PREPA effectively to deliver reliable and affordable power to Puerto Rico's people. The people of Puerto Rico deserve better. They deserve a power grid that works, with reasonable and affordable rates. The Oversight Board has had nearly a decade to fix PREPA, yet the frequency of blackouts and service interruptions has continued to worsen. Meanwhile, under the Oversight Board's supervision, PREPA has failed to access most of the billions in aid the federal government has made available to bring PREPA's electric grid up to mainland U.S. standards. This is because while PREPA sits in bankruptcy, it cannot access the public markets to raise the funds needed to restore and repair its power grid so that it can then obtain reimbursement from federal funds. The Oversight Board's decision to keep PREPA in bankruptcy is therefore a significant contributing factor to the increase in blackouts. Instead of completing the bankruptcy process so that PREPA can raise the funds needed to repair the grid, the Oversight Board has needlessly extended the case by making and then breaking numerous settlements with bondholders, and by choosing to waste years taking increasingly frivolous legal positions, including two rehearing petitions after a federal court of appeals declared that bondholders have a properly perfected lien on PREPA's net revenues and have a claim for the full $8.2 billion they lent PREPA plus accrued interest. Implausibly, after losing repeatedly at the federal appellate court, the Oversight Board is now pivoting to the new position that PREPA has no net revenues, contradicting years of PREPA's own financial reports and the Oversight Board's own prior fiscal plans. This litigious approach needlessly prolongs PREPA's bankruptcy, further delays repair of the grid, saddles Puerto Rico's citizens with massive fees paid to the Oversight Board's numerous consultants and advisors, and most unfortunately, leaves the people of Puerto Rico in the dark. As part of this litigation strategy, the Oversight Board has attempted to blame PREPA's bondholders for PREPA's current state of affairs. But the bondholders provided billions in financing for PREPA's electric grid, and have not received a penny from PREPA in nearly a decade. None of PREPA's rate increases since its bankruptcy case began in 2017 have been used to repay its debt. If the Oversight Board genuinely shares the bondholders' goal of fixing PREPA, it should seek a reasonable agreement that enables PREPA to promptly emerge from bankruptcy as a credit-worthy utility with proper financing, allows PREPA to provide power at reasonable rates, puts federal dollars to work, and focuses on effective management of the system for Puerto Rico's residents. The PREPA bondholders have made proposals to the Oversight Board that would achieve these objectives, including one made six months ago, which would have provided an additional $2.5 billion in funding from the bondholders to immediately begin fixing and upgrading Puerto Rico's electric grid. Despite the Oversight Board's rejection of the bondholders' most recent offer (as has happened with all of the bondholders' proposals to end PREPA's bankruptcy), it remains on the table. The Oversight Board should engage in good faith to end PREPA's bankruptcy on consensual terms. It's what Puerto Rico's people deserve.
