It is essential the process of providing liquidity assistance does not become detached from the fiscal process that is the essence of our charge. The longterm Solution Congress is contemplating the emergency supplemental should have formalized mechanisms to tie liquidity relief to the fiscal plans. Revision of those fiscal plans we are well aware as you stated we have to revise certified Physical Plant in light of the hurricanes devastation. This process will take several weeks, the board will hold 3 listening sessions in which all stakeholders are providing input to those fiscal plans as part of the revision process and also agreed with federal mediators to hold two additional sessions with creditor stakeholders. Our aim is to prepare revised plans. Deadline for the commonwealth to submit the use plans to the board descend the 22nd 2017 with revision through the certification date of february 2, 2018. Deadline for other entities will follow on the heels of that. Achieve transformation officer, the board recently named chief transformation officer, with all the powers of ceo and reporting to the board to. It is essential to restore service as soon as possible and creating a sustainable, resilient and fiscally accountable power system for the island. The board is confident coupled with fundamental aspects of Bankruptcy Law gives us the power and responsibility to do what we have done, some parties are contesting our authority in providing uncertainty and lengthy delays, congressional reaffirmation on the size of the authority is welcome. The contract review implemented contract review policy to ensure transparency throughout the government for the people of puerto rico and all stakeholders applying all contracts for any covered instrumentality is a counterparty including the government, State Government and private parties. 10 million or more must be submitted for its approval before execution. To adopt other methods like random sampling of contracts, inconsistent with the approved fiscal plan. Again, Ranking Member and members of the committee we appreciate your concern for the american citizen on behalf of the board, i pledged to work with you to do all we can to meet the new challenges to achieve these goals. Ranking member and members of the committee, i serve as revitalization and Management Board, i have been named by the Oversight Board to serve as chief transportation officer for the puerto rico electric power authority. Confirmation is before the port restructuring under title iii. Written testimony describes my current role. I will use limited time to outline aspects of the role for it. My appointment spending approval by the title iii court, do not want to be presumptuous of the outcome but understand the need for information about plans for this role. And to deal with shortterm crisis and transformation, we need dramatic action, and efficient, durable and affordable power sector. And chief transformation officer, to restore power to puerto rico as swiftly as possible. And the Transformation Plan, consistent with longterm vision. And title iii, implementation, the overall objective, and costeffective power to puerto rico for sustained Economic Growth. The first objective requires us to leverage resources for puerto rico. And based on interactions to dates, and the department of energy and provide greater coordinated resources. And a ppa and the electric institute. And there is critical importance, i employ an approach, and certain environments, and as a kernel i led organizations that piece time and emergencies. In the private sector transforming organization in the middle of difficult economic and market conditions, establishing a straightforward clear chain of authority with welldefined roles and responsibility is to track with the overall objective and strategic priorities. Key leaders enable speed and effectiveness in decisionmaking and highlight two key roles. The chief Operations Officer responsible for daytoday operations to initially be a Senior Leader augmented by industry executive identified in conjunction with input we are receiving from the Edison Electric institutes. The storm boss with fema, government of puerto rico, local mayors, core of engineers and other stakeholders. This person will be responsible for identifying and integrating all help as required and acting as primary stakeholder to a shorterterm recovery actions are consistent with a longrange plan but i will coordinate frequently, several times a day. I identify Key Executives on the board of advisors, ceos from publicprivate utilities generously volunteered to bring expertise to help with this task. I will rely on an internal group of worldclass experts from multinational utilities, the energy sector, academia and more. The second objective is under the fiscal plan developed by the Oversight Board in conjunction with the government of puerto rico. This reflects a transformation in broad agreement with puerto ricos Energy Strategy and the energy priorities. The end state to provide stable, reliable and costeffective power incorporates best practices as a catalyst for sustained Economic Growth, the Energy Strategy calls for 50 renewable by 2040 with the gas mix, regional grids, physical hardening and control systems to provide resiliency and widespread distributed generation wrapped and empowered and Accountable Energy regulator. It is clear in guidance to attract private capital to achieve this, we need to do this not only for generation but Innovative Capital solutions for the private sector for transmission and distribution as well and update this fiscal plan based on post maria reality and we have to rebuild the infrastructure with no revenue and minimal liquidity. The administration created a Community Disaster program, and eligible borrow where. And to identify proper federal programs generously offered considerable expertise, with officials and professional industry groups, and stakeholders into the process, recurring milestone meetings every ten days to two weeks. The revised plan by mid december and january, the january product with sufficient detail prepping actionable engineering requirements for execution during the Second Quarter of 2018 and implementation of the transformative fiscal plan is the plan of adjustment, legally enforceable proceeding. And the utility beyond the termination of my tenure which will occur on this plan adjustment. With legal rights. I look forward to answering your questions. Finally, mayor perez recognized for five minutes or so. Ranking members, all members of the committee, having convened this hearing, allowing us to share our experiences. Especially recognize our resident commissioner who faced the hurricane, for recovery. I come to you on as you see i receive a special welcome. We offer income neighborhoods, sensors, industry, shopping, military post, Public Housing projects, economically distressed communities and hardtoreach areas. In puerto rico, there is damage to infrastructure and the economy. In the immediate aftermath outside the collapse of power and communications and still 75 to 80 of families without electricity, municipality suffered major damages, Three Bridges washed out and another four compromised resulting in 20 families having no access to their homes. Several roads collapsed, Water Service due to pumps being offline. 3000 families lost their home or had it severely damaged. It was a challenge to respond but we stepped forward. From the joint effort of puerto rico and federal Government Agencies over 30,000 families have received food and Water Supplies but they have been always reliable. The city received 10,000 gallons, but we use 3000 every day and we are being assisted with final debris disposal by the corps of engineers. We are grateful for the response of the administration and congress, but more is needed. The First Responders, being close to the people, with most of our businesses closed, power or water or fuel, how do we pay our workers, a lot of revenues, Congress Passed legislation providing 4. 9 billion for support for puerto rico, precisely the need to keep basic Public Services functioning in the face of the government of puerto rico has been granted an equivalent of 20 of the budget to relieve its needs. The municipality needs in future legislation the same benefit to continue providing essential services that our people need. Another need is the housing benefit that can extend a lease one or two years, currently available housing vouchers too few and too low compared with the number of families who lost their homes and leaving with a family or a neighbor. Fema housing, families may rebuild with greater resiliency. Similarly an expansion and flexibility of cb dg in section 108 when municipalities can Better Direct them for community needs. In a situation like this it is important funds for the release and use effectively. When the temptation, an emergency, is worse. This cannot end in more bureaucracy. In this trying time, the head of a city of 100,000 people, to do them justice and to make a difference. Called upon to do justice and make a difference for 3. 4 million us citizens in puerto rico. It is not a time just to put on patches but to make permanent fixes for the future. We cannot move the island away from the caribbean so congress and the Administration Must move to help people. Members of this committee, federal help has helped puerto rico to survive and start the recovery but more is needed and i encourage you to listen to the governor and our resident commission, boys and the city, Going Forward for our needs. I think you for your oral testimony and written testimony. We were originally going to have two panels and now just one. I gave witnesses extra time to make statements. Representative on the ground for the american for specifics you gave us. You have five minutes, give at least 30 seconds, i will break tradition and go first if i could for my five minutes. You are responsible for me. In august, creditor community, at title iii case for a receiver done by the court system. They embraced that particular idea, and the urgent motion, chief transportation officer, why does the Oversight Board request the receiver for the courts, and the chief transformation officer. You are correct. A set of different circumstances, the board did not agree with the creditors request. We see the situation as completely different and requiring a new set of skills, resources and additional focus. The situation is different, going through a title iii process, and responding to this devastation. For 40 years, for decades has not served the people well. The appointment to make sure shortterm efforts to immediately and quickly restore electricity are united with medium and longterm requirements making electricity, the achilles heel of a damaged economy, the solution to a new revitalized economy. Let me turn to you. Title v was supposed to expedite the process without any arbitrary roadblocks. Do you see roadblocks prohibiting construction or pending approval of critical projects we could address in some way . Thank you for the opportunity to answer. A great tool for economic recovery but it is incomplete and we would appreciate clarity on the powers of revitalization. A number of issues i shared with staff, ability to follow the permitting processes to make sure they are executed properly. The ability to ensure title v projects submitted through the process are compatible with the rest of the covered entities, Transformation Plans, and incentivize additional investment in areas that are critical to puerto ricos economy but not necessarily of Critical Infrastructure projects. Do they require statute changes to give you that authority to expedite the issue and get to work . I will defer to the committee what the solutions are but a clarification on what the powers the revitalization coordinator and the board would be. Share your experiences working with fema in the aftermath of the storm. In the beginning, municipalities, we have fema in san juan and it was hard for the rest of our mayors to communicate and receive some help. After that, i think it was the best thing. They find some people, each mayor, each municipality, the help is getting better, the water, the food and all the help from fema and the core of engineering but at the beginning it was very hard. We were expecting some municipalities in some areas would be good and the municipalities where communication is down, roads blocked, it was hard at the beginning. I have 56 seconds. Communicated challenges Going Forward with the state, the board and federal agencies reaching longterm goals in the community. Right now, how they are going to respond to gives benefits to the families because we have thousands of families living with their families, that is not permanent. We dont know right now. There is a of 30,000 to rebuild their houses. We will rebuild and make them the same they were, we are going to be here next year, next week, maybe i dont know, in a month. That is a challenge for us. In the 9 seconds there remain, pronounce your community for me . It is near san juan. You call it thank you very much. Mister grijalva. I think the witnesses for their attendance and being here to give us more information and answer our questions. Mister jaresco, the fiscal plan contemplated puerto ricos annual debt payments by 79 . In the wake of Hurricane Maria, in puerto rico making the case that devastation means 79 should be taken all the way to fool debt cancellation. Should we anticipate the board will be considering reduction in the revised fiscal plan currently under development . It is difficult for anyone in puerto rico to see the future at this stage, so much depends on you, the congress, the administration and how much the funding that will be appropriated for puerto rico at this time. We will begin the fiscal process to determine how the island can manage governance, whether or not there are Funds Available for a variety of needs on the island including repayment of the debt. I can tell you the liquidity crisis we have today and the requirements you have adopted shortterm liquidity, funding through cdls will require longerterm liquidity funding. In the short term no question this will be a difficult thing for creditors. In terms of the future much depends on your response. Do you hold the view relative to title v, waving or eliminating environmental safeguards, regulations will accelerate recovery in puerto rico, mister jaresco, answer the question. Further permitting is a requirement. Both federal commonwealth and municipality permitting at all levels need to be expedited for any private Sector Investment to be a quick recovery. Is that needed . My view is Economic Growth and fast tracking is inconsistent with being good stewards of the environment, robust process in title v in the working group we set with the government to ensure residents of puerto rico you say the proposed trash incinerator with project title v for that come to fruition. In this instance doesnt work. And and and for the protected wetlands, and undermines recycling programs in place. It flooded during the hurricane. We have before and after situation on screen, and released hundreds of tons of toxic ash in the future into a surrounding neighborhood. It requires the federal government to go forward even though it is fully, privately funded, for 67 mw. In terms of title v critical projects. Many voices in the democratic process voiced concern but equal number of voices on the positive side. And a Waste Management project, essentially a crisis, Waste Management, landfill use has been identified by the epa and the epa is supportive of this program. I live in massachusetts and we have a plan. The process in place under law to assess risk factors. Under title v, wave the process of risk factoring, how would you contemplate risk . In 5 seconds or less. Submitted through title v it came with its permitting in place. That is not the answer. Thank you for having this important hearing. I appreciate your commitment to making puerto rico more successful and no one should question your commitment to that. I share your disappointment at all the invited witnesses were not here today. I would like to ask about Electricity Generation and hope you can help us on these questions, mister zamot. 100 of the electricity generated in puerto rico today is from burning fuel oil . 96 . Theres approximately 4 renewable now. As we know, fuel oil is expensive and very dirty. That is correct. I like the plan, by 2040, 50 renewables, 50 natural gas through liquefied form. Have you identified investors who are willing to make a Huge Investment in an lng terminal . A number of investors are bullish on longterm prospects and we in the board as revitalization coordinator, a lot of proposals, a lot of questions how people can bring Innovative Capital solutions to benefit the reconstruction of the grid and the people of puerto rico. I urge you to keep pushing in that direction because i dont think nuclear or coal is a solution, renewables are great to provide that much electricity in that short a time is unrealistic so i welcome the discussion about lng. Another issue in enlighten us, i want to commend one of our representativ