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The Financial Oversight and Management Board for Puerto Rico has rejected attempts by a group of congressional lawmakers to reverse its decision against implementing Act 10 of 2024, which prohibits the Puerto Rico Energy Bureau (PREB) from modifying the net metering program until at least 2031.
In a recent letter, the oversight board expressed appreciation for the commitment to supporting the island’s critical transition to renewable and reliable electricity. The board highlighted the significance of the rooftop solar program under Puerto Rico Act 114-2007 in making renewable energy economically accessible to thousands of citizens. Achieving the goal of 100% renewable energy by 2050, as outlined in Act 17-2019, remains a top priority, with cleaner energy being a key aspect of Puerto Rico’s energy transformation, the board said.
Addressing concerns regarding Act 10, the oversight board noted that invalidating the act would not terminate net metering or alter terms for existing rooftop solar installations.
“Instead, it would enable the Puerto Rico Energy Bureau to continue its role as an independent energy regulator, as assigned by the Puerto Rico Legislative Assembly through Act 17,” the oversight board said.
Under Act 17, the PREB conducted a study on net metering, titled “Draft Study on Net Metering and Distributed Energy.” Released in June 2024, the study analyzed the costs and benefits of the current net metering program for the Puerto Rico Electric Power Authority and Puerto Rico, examining the implications for both solar rooftop users and those without access to the program.
The oversight board emphasized that the PREB should be allowed to draw conclusions independently from the draft study report and make decisions in the best interests of the Puerto Rican people.
In contrast to Act 17, which included public comment, the island Legislature did not hold any public hearings on Act 10, and it did not benefit from any study or report examining its effects, the oversight board pointed out. The board argued that an effective energy sector is contingent upon a politically independent regulator, stressing that “only an independent regulator is an effective regulator.”
