RE:PREPA Extension to Sept 13Just reading this latest update from PREPA.
I'm confused by previous statements related to PBJL Energy is just waiting on one signature for the final signoff of the Montalva Project.
In the above NR from PREPA they say "PREPA’s management has a meeting to evaluate PBJL’s most recent communication and settlement proposal, received on August 25, 2023."
Three months ago you were merely waiting on one final signature to approve the settlement proposal (and then apparently that person retired and you were awaiting their replacement. Fine).
Why on August 25th have you just submitted the most recent settlement proposal?
Was it all these months waiting on a signature or updating a new proposal?
On June 2nd "StonePoet" posted your communication (assuming it was your responses) you stated your merely waiting on PREPA to approve the NR.
"As soon as PREPA is comfortable approving the news release they will allow us to issue the news release on the postitive settlement outcome."
This very different then submitting a revised proposal almost three months later.
It would be totally contrarian for the Government to be negotiating a PPOA price schedule confidentially behind closed doors with PREPA lawyers, when every other renewable energy developer goes through the RFP process. In the video Jeff said they are not particpating in the RFP process and yet the latest MD&A from this past week says they are. Which is it?
The SEC commented in several letters that management "...are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff." This would also likely be the reasoning behind not updating the corporate presentation as so many projects have changed and the presentation needs to be accurate.
Keep in mind these negotiations are merely with a bunch of PREPA lawyers. The proposal still needs to approved by the PREPA board, PREB and then onto the Oversight Board Committee for final approval.
Long ways to go.