The island’s Federal Oversight Board today confirmed the appointment of Noel Zamot as the new transformation officer for PR’s Power Authority (AEE).
Zamot, a retired US Air Force colonel born in Puerto Rico, will lead the transformation of AEE and the rebuilding of the energy sector after the devastation caused by Hurricane Maria.
“The priority right now will be to expedite reconstruction efforts on the island in close coordination with the government of Puerto Rico, the Oversight Board and the Federal government,” the federal agency said in written statements.
“I am fully committed to bringing all the necessary resources to restore electricity to the people of Puerto Rico as soon as possible, and in this way help to re-activate the economy and restore normalcy to the island,” Zamot said.
“The goal is to clearly align these recovery efforts with the AEE’s long-term transformation plan, achieving a more modern, reliable electrical grid” said Executive Board Supervisory Board Natalie Jaresko. . “The appointment of Noel is an essential step towards achieving the goals of reliable electricity at a competitive rate, as well as attracting the private capital we need to revitalize the economy.”
Jaresko argued that “it is a common practice in cases of reorganization in which the debtor in possession designates a restructuring officer to effectively manage the entity while the entity is bankrupt.” As the representative of the AEE under Title III of PROMESA , the Board understands that the successful exit of that Title III entity requires adapting pre-hurricane transformation plans with ongoing federal reconstruction efforts. ”
Zamot also said that “I will put all my experience as a military officer and as a business executive directing complex organizational transformations at the disposal and for the benefit of the people of Puerto Rico. I have led organizations in emergency situations before and I recognize the challenges I face. ”
The new AEE administrator was on active duty for 25 years in the United States Air Force, including in the management of energy and infrastructure projects. As a private sector executive, he provided engineering expertise to the Department of Defense, and developed and managed a successful business. Recently, it was approved by the Governor of Puerto Rico to serve as the Revitalization Coordinator for the Supervisory Board. He holds a degree in Aerospace Engineering from the Massachusetts Institute of Technology and the University of Michigan, as well as a Masters of Business Administration (MBA) from MIT’s Sloan School.
The move by the Federal oversight Board would remove powers to the board of directors of the AEE and the governor Ricardo Rosselló on the management of this utility.
There was no response from the Governor’s House (Fortaleza) about it.
