GOVERNMENT OF PUERTO RICO PUBLIC SERVICE REGULATORY BOARD PUERTO RICO ENERGY BUREAU IN RE: CERTIFICATE OF ENERGY COMPLIANCE CASE NO.: NEPR-AP-2020-0002 SUBJECT: Request for Issuance of Certificate of Energy Compliance in Accordance with Act 120-2018; Request for Confidential Treatment in Accordance with Act 29-2009, Act 57-2014 and Act 120- 2018. RESOLUTION AND ORDER (Energy Compliance Certificate) I. Relevant Background On May 18, 2020, the Puerto Rico Public-Private Partnerships Authority (“P3 Authority”), filed before the Energy Bureau of the Puerto Rico Public Service Regulatory Board (“Energy Bureau”) a document titled Puerto Rico Public-Private Partnerships Authority's Request for Issuance of Certificate of Energy Compliance and Request for Confidential Treatment of Documents Submitted to PREB (“Petition”). The Petition included the following documents: Exhibit 1: Preliminary Contract 1 and Exhibit 2: the Partnership Committee Report 2 . As part of the Petition, the P3 Authority requested the Energy Bureau to treat and designate the Preliminary Contract and the Report as confidential documents. 3 On June 1, 2020, the Energy Bureau issued a Resolution (“June 1 Resolution”) through which it granted the P3 Authority’s request for confidential designation and treatment regarding the Preliminary Contract and the Report. Through the Petition, the P3 Authority requests the Energy Bureau to issue a Certificate of Energy Compliance 4 for a Preliminary Contract, related to a PREPA 1 See PUERTO RICO TRANSMISSION AND DISTRIBUTION SYSTEM OPERATION AND MAINTENANCE AGREEMENT dated as of [●], 2020, by and among THE PUERTO RICO ELECTRIC POWER AUTHORITY as Owner, THE PUERTO RICO PUBLIC-PRIVATE PARTNERSHIPS AUTHORITY as Administrator, [REDACTED- CONFIDENTIAL] as ManagementCo, and [REDACTED-CONFIDENTIAL] as ServCo (“Preliminary Contract”). 2 See Partnership Committee Report, Puerto Rico Public-Private Partnership for the Electric Power Transmission and Distribution System, dated May 15, 2020 (“Report”). 3 See Petition at pp. 6-15. 4 Except as otherwise provided, capitalized terms used but not otherwise defined in this Resolution and Order
CASENO.:NEPR-AP-2020-0002SUBJECT: Request for Issuance ofCertificate of Energy Compliance inAccordance with Act 120-2018; Requestfor Confidential Treatment in AccordancewithAct29-2009,Act57-2014andAct120-2018.
RESOLUTIONANDORDER(EnergyComplianceCertificate)
I. RelevantBackground
On May 18, 2020, the Puerto Rico Public-Private Partnerships Authority (“P3Authority”), filed before theEnergyBureau of thePuertoRicoPublic ServiceRegulatoryBoard (“Energy Bureau”) a document titled Puerto Rico Public-Private PartnershipsAuthority's Request for Issuance of CertificateofEnergy Compliance and Request forConfidential Treatment of Documents Submitted to PREB (“Petition”). The Petitionincluded the following documents: Exhibit 1: Preliminary Contract1 and Exhibit 2: thePartnershipCommitteeReport 2.Aspartof thePetition, theP3Authorityrequested theEnergy Bureau to treat and designate the Preliminary Contract and the Report asconfidentialdocuments.3OnJune1,2020,theEnergyBureauissuedaResolution(“June1Resolution”) through which it granted the P3 Authority’s request for confidentialdesignationandtreatmentregardingthePreliminaryContractandtheReport. Through the Petition, the P3 Authority requests the Energy Bureau to issue aCertificate of Energy Compliance4 for a Preliminary Contract, related to a PREPA
1See PUERTO RICO TRANSMISSION AND DISTRIBUTION SYSTEM OPERATION AND MAINTENANCEAGREEMENTdatedasof[●],2020,byandamongTHEPUERTORICOELECTRICPOWERAUTHORITYasOwner,THE PUERTO RICO PUBLIC-PRIVATE PARTNERSHIPS AUTHORITY as Administrator, [REDACTED-CONFIDENTIAL]asManagementCo,and[REDACTED-CONFIDENTIAL]asServCo(“PreliminaryContract”).2SeePartnershipCommitteeReport,PuertoRicoPublic-PrivatePartnershipfortheElectricPowerTransmissionandDistributionSystem,datedMay15,2020(“Report”).3SeePetitionatpp.6-15.4Exceptasotherwiseprovided,capitalizedtermsusedbutnototherwisedefinedinthisResolutionandOrder
2
Transaction,inaccordancewiththeprovisionsofAct120-20185,Act29-20096andAct57-20147. Specifically, the P3 Authority alleges that the PREPA Transaction underconsiderationinthiscaseentailstheengagementofaprivateoperatorthatcouldbringitsexperienceandexpertiseandbestpracticesfromtheU.S.mainlandandotherjurisdictionsin the operating and management of PREPA’s transmission and distribution system(“T&D System”).8 Pursuant to the Preliminary Contract the proposed T&D Systemoperatorshall be responsible for:
all electric transmission,distribution,loadservingandrelatedactivitiesforthesafeandreliableoperationandmaintenanceoftheT&DSystem, subject to theterms and conditions of the main body of the Agreement, including (1)expansionsand replacements tomeet theContract Standards, including fleet,assetmanagement,assetacquisition/procurement,ITinfrastructure,asfurtherprovided in this document andpreparation and implementation of requiredcomponentsoftheIntegratedResourcePlan,whileprioritizing expansion andreplacement projects that improve the safe, reliable and economicdispatchof the T&D System’s connected generating units; (2) management andperformance of construction of improvements thereto, including compliancewithapprovedFEMAscopeofworkfor projects that areeligible for FederalFunding and required maintenance; (3)delivery ofelectricityto customers,includingtheimplementationoftheactivitiessetforthinSectionsII.Aand II.Bof this Annex I (Scope of Services); (4)billingand collections implementationandoptimization;(5)maintenanceandimprovementofpubliclightingsystem;(6)maintenance offiber optic cable structure infrastructure, as set forth inlease agreement between Owner andPREPA Networks, LLC, a wholly-ownedsubsidiary of Owner incorporated in April 2004 to execute the OpticalTelecommunicationsInfrastructureLeaseAgreementfordedicatedprovisionoflocal wholesale telecommunication services (for the avoidance ofdoubt, theParties acknowledge and agree that, except as specified in this item (6),Operator shall have no otherresponsibilityrelatingtoPREPANetworks,LLC);(7) compliance with interconnection of renewables in accordance withApplicableLaw;(8)managementoftheSystemOperationPrinciplestomeetsafeandreliablesystemoperationsinaccordancewithPrudentUtilityPracticesand
the System Operation Principles; and (9) recordkeeping and reporting inaccordancewithApplicableLaworPrudentUtilityPractices.9
AccordingtotheReport,theP3Authority’sobjectivewiththePREPATransactionistotransformPuertoRico’senergysystemintoamodern,sustainable,reliable,efficient,cost-effective,andresilientone.10TheP3AuthorityfurtherarguesthattheProposedTransactionisintendedtoachievethefollowingobjectivesforthePREPA’sT&DSystem:(a)deliveryoflow-cost electricity to ratepayers of Puerto Rico; (b) increase in T&D System resiliency,achieving performance in line with codes, specifications, and standards consistent withmainlandU.S.electricutilities;(c)increaseinT&DSystemreliability;(d)deploymentofnewtechnologies;and(e)implementationofindustrybestpracticesandoperationalexcellencethroughmanagerialcontinuityandlong-termplanning.11 OnJune15,2020,theEnergyBureauheldaConfidentialTechnicalConferencewiththe attendance of representatives of the P3 Authority, as well as representatives of theSelected Proponent. During the Technical Conference, the attendees answered questionsfromtheCommissionersregardingtheReportandthePreliminaryContract. Particularly,CommissionerswereconcernedwithcertainprovisionsofthePreliminaryContract,whichmaybeconstruedas limitingthepowers,duties,authority,andobligationsof theEnergyBureauregardingapprovalsandoversightactivitiesunderitsregulatoryauthority. OnJune17,2020,theP3AuthorityfiledbeforetheEnergyBureauadocumenttitledPuerto Rico Public-Private Partnerships Authority's Motion Submitting Documents andRequesting Confidential Treatment (“June 17 Filing”). The June 17 Filing included thefollowingdocuments:Exhibit1:MemorandumRegardingConfidentialTechnicalConference(“Memorandum”).AttachedtotheMemorandum,isablacklineversionofcertainpagestothePreliminaryContractreflecting certainchangesdescribedintheJune17FilingandtheMemorandum.IntheJune17Filing,theP3AuthorityrequestedtheEnergyBureautotreatanddesignatetheMemorandumanditsattachmentsasconfidentialdocuments.12OnJune17,2020, theEnergyBureau issuedaResolution(“June17Resolution”) throughwhich itgrantedtheP3Authority’srequestforconfidentialdesignationandtreatmentregardingtheMemorandumanditsattachments. The June 17 Filing addressed certain specific items regarding the PreliminaryContract,as well asan amendment to thePreliminaryContractthatfurtherclarify thatno provision under such contract is meant to restrict or limit in any way the rights,
responsibilities or authority granted to Energy Bureau under the applicable laws andregulations.13 Act120-2018establishesthelegalframeworkforthetransformationoftheelectricpowersysteminPuertoRico.14ItempowersthePuertoRicoPowerAuthority(“PREPA”)tosell its assets related to electric power generation and transfer or delegate any of itsoperations, functions, or services.15However, any agreement arising from Act 120-2018shall be entered into pursuant to the legal and administrative framework that regulatesPublic-Private Partnerships and, thus, for such purposes, Act 120-2018 establishes theprocessthatshallapplytoanytransactionthatestablishesaPublic-PrivatePartnershipforanyPREPAfunction,services,orfacility.Inaddition,Act120-2018empowersPREPAandthe P3 Authority to carry out the processes through which such transactions shall beexecuted.16 Afterconductingcertainevaluations,PREPAandtheP3AuthoritydecidedthatitisinthepublicinterestofthepeopleofPuertoRicotoselectathird-partyT&DSystemoperatorforthePREPAelectricgridassetsthroughacompetitivesolicitationprocess,tobeconductedinaccordancewithAct120-2018andAct29-2009. Section8(c) ofAct 120-2018, provides that once theP3Authority establishes theFunctions, Services, Facilities, or PREPA Assets for which PREPA Transactions shall beconducted under Act 120-2018 and Act 29-2009, the Energy Bureau shall provide thetechnical,expert,financial,andhumanresourcesassistanceastheP3Authorityrequestsinorder to ensure that each PREPA Transaction is successful. Accordingly, pursuant to amemorandum of understanding signed on November 15, 2018 by the P3 Authority, thePuerto Rico Fiscal Agency and Financial Advisory Authority (“PRFAFAA”), and EnergyBureau,theP3AuthorityandPRFAFAAsharedwiththeEnergyBureaucertaininformationrelated to the proposed PREPA Transaction. Specifically, the P3 Authority provided theEnergyBureautheopportunitytoreviewandprovidecommentsonvariousdraftsof the
13SeeJune17filingatp.1,Memorandumatpp.631-632and637-640.Notably,Section20.16ofthePreliminaryContractprovidesthat:[n]otwithstandinganythingtothecontraryherein,noprovisionofthisAgreementshallbeinterpreted,construedordeemedtolimit,restrict,supersede,supplantorotherwiseaffect,ineachcaseinanyway, the rights, responsibilities or authority granted to PREBunderApplicable Lawwith respect to the T&DSystem,OwnerorOperator.SeeId.atp.639-640.14Seegenerally,StatementsofMotives,Act-120-2018,pp3-5.15Id.16Id.
5
then proposed operation and maintenance agreement.17 Therefore, the PreliminaryContractconsidercertaincommentsandsuggestionsoftheEnergyBureau.18 As more specifically described in the Report, the P3 Authority conducted acompetitive solicitation process, selected a Preferred Proponent, and negotiated aPreliminaryContract.AccordingtoSection5(g)ofAct120-2018,thePreliminaryContractmustbesubmittedtoEnergyBureaufordeterminingwhethersuchcontractcomplieswiththePuertoRicoEnergyPublicPolicyand regulatory framework. If theEnergyBureausodetermines, it shall issue an Energy Compliance Certificate, otherwise it must deny therequest.II. StatutoryFrameworkandAnalysis
A. P3Authority’sRoleinPREPA’sTransformation
Act 120-2018 entrusted the implementation of PREPA’s transformation to the P3Authority.19Alignedwiththislegislativeintent,theP3Authority,asaminimum,shalltakeinto consideration when evaluating proponents and their offers concerning a PREPATransaction the following objectives: to expedite a fair and transparent process for theestablishmentofPublicPrivatePartnershipsinconnectionwithanyfunctions,services,orfacilitiesofPREPA,andtosellthepowergenerationassetsthereof,thusplacingsuchassetsintheprivatehandsofthosewhoshowafairbalancebetweenthecommercialinterestsandthesenseofsocialresponsibility;andwhohavetheoperational,technological,andfinancialcapacitytotransformtheelectricpowersystemintoonethatismodern,offersreasonablerates, provides universal access, and has efficient and environmentally-friendly energysources,aswellasaninfrastructurethatisasresistantorresilientaspossibletoweatherandnaturalevents;withfinancialandlegalconditionsreasonableforthePeopleofPuertoRico; and promotes broad access and swiftness in the rendering of direct services to itscustomers.20 TheP3AuthoritywasdesignatedasthesoleGovernmentEntityauthorizedtoandresponsible for (1) implementing the public policy on PREPATransactions conducted inaccordancewith Act 120-2018; (2) determining the Functions, Services, or Facilities for
which such Partnerships shall be established, subject to the priorities, objectives, andprinciplesestablishedintheenergypolicyandtheregulatoryframeworktobedevelopedpursuanttoSection9ofAct120-2018;and(3)determiningwhichPREPAAssetsrelatedtoelectricpowergenerationshallbesoldortransferredthroughSalesContracts.21IftheP3Authority determines that a Partnership shall not be established for a Function, Service,Facility, or other PREPA Asset, said Function, Service, Facility, or PREPA Asset may bedevelopedbyPREPAasprovidedbyAct83ofMay2,1941oranyotherapplicablelawanditshallnotbeconsideredaPREPATransaction.22Besides,Act120-2018expresslyprovidesthatPREPAmayonlysellanddisposeofPREPAAssetsrelatedtoelectricpowergenerationthrough theprocessestablished in thisActandmayonlyconduct transactionsrelated toelectricpowergeneration,distribution,andtransmission,metering,andanyotherPREPAfunction,service,orfacilitythroughPartnershipContracts.23 Alignedwiththeabove-mentionedprinciples,Section5ofAct120-2018providesadetailed and rigorous process to be followed by the P3 Authority in connection to theexecutionofanyPREPATransaction.However,andasdiscussedinfurtherdetailbelow,theroleoftheEnergyBureauregardingsuchtransactionsismorelimited.Thatis,oncetheP3AuthoritycompletestheentrustedprocessesandnegotiatesaProposedContract,theEnergyBureaushallevaluateiftheProposedContractcomplieswiththeenergypublicpolicyandtheregulatoryframework. Therefore,determinationsconcerningtheoverallbenefitsandadequacy of the proposed PREPA Transaction, as well as the specific financial andoperational considerations related to the Proposed Contract are entrusted to the P3Authorityand,consequently,theEnergyBureauhaslimitedauthoritytointerveneinsuchmatters.
B. Act120-2018’sEnergyComplianceCertificate
APREPATransactionconsistsofanyandalltransactionscarriedoutinaccordancewiththeprovisionsofAct29-2009andAct120-2018,wherebyPREPAortheGovernmentof Puerto Rico establishes one or more Partnerships [and enters into one or morePartnershipContracts]inconnectionwithanyofPREPA’sfunctions,services,orfacilities,orexecutes a Sales Contract for PREPA Assets related to electric power generation.24 APartnershipContractshallhavethemeaningprovidedinAct29-2009,providedthat,intheeventofaPREPATransaction,anEnergyComplianceCertificateshallberequired.25
APartnershipContractisthecontractexecutedbytheSelectedProponentandthePartneringGovernmentEntitytoestablishaPartnership,whichmayinclude,butshallnotbelimitedto,acontracttodelegateaFunction,administerorrenderoneormoreServices,or conduct the design, building, financing, maintenance, or operation of one or moreFacilitiesthatareinthemselvesorarecloselyrelatedtoPriorityProjectsasestablishedinSection3ofAct29-2009.26 APartnershipContractmaybe,amongstothers, a long-termadministration and operation contract, and any other kind of contract that separates orcombinesthedesign,building, financing,operationormaintenancephasesof thepriorityprojects,asestablishedinSection3ofAct29-2009.27 An Energy Compliance Certificate is defined as a certificate issued by the EnergyBureauinanyPREPATransaction,certifyingthatthePreliminaryContractcomplieswiththePuertoRicoEnergyPublicPolicyActanditsregulatoryframework.28APreliminaryContract,inturn,referstoall theclausesandspecificconditionsofaPartnershipContractorSalesContractthatareagreeduponbythePartnershipCommitteeandtheSelectedProponent.29 For a PREPA Transaction, the Preliminary Contract shall include an EnergyCompliance Certificate upon the submittal thereof for consideration of the Board of theAuthorityandPREPA.ItshallhavethesameformatandcontentasthePartnershiporSalesContracttobesignedbytheparties.OncethetransactionhasbeenratifiedbytheLegislativeAssembly,theclausesandconditionsthereinmaynotbeamendedwithouttheapprovaloftheLegislativeAssembly.
Section 5(g) of Act 120-2018 provides the procedural requirements for theprocurement of an Energy Compliance Certificate. In the pertinent part Section 5(g)providesthat:
[a]ny contract related to a PREPA Transaction shall require an EnergyComplianceCertificate,asdefinedinthisAct.ThePartnershipCommitteeshallsubmittotheBureautheReportdraftedpursuanttoSection9(g)ofActNo.29-2009beforesubmittingittotheBoardsofDirectorsoftheAuthorityandPREPA.The Bureau shall evaluate the Report, the information furnished, and thePreliminaryContractandissueanEnergyComplianceCertificateiftheycomplywith the energy public policy and the regulatory framework. The EnergyComplianceCertificateortheresolutiondenyingtheissuancethereofshallstatethebasisforsuchdetermination.TheBureaushallhavethirty(30)daysfromthedateonwhichthePreliminaryContractwassubmittedtoissueaCertificateofCompliance or a resolution to deny the issuance thereof. ... Once the Energy
Compliance Certificate has been issued, any amendments made to thePreliminary Contract shall require the issuance of a new Energy ComplianceCertificate. ... Reviews in connection with the Energy Compliance CertificateissuedbytheBureaushallbe filedwiththeCourtofAppealswithinatermoffifteen(15)daysfromthenoticethereof.
Ininaccordancewiththeabovediscussedlegalframework,beforetheconsiderationoftheEnergyBureauisaPreliminaryContractforaPREPATransaction,negotiatedbytheP3AuthorityinaccordancewithAct29-2009andAct120-2018.TheEnergyBureaushalldetermine if it complies with the Puerto Rico Energy Public Policy and the regulatoryframework.
C. PuertoRicoEnergyPublicPolicyandRegulatoryFramework ThePuertoRico’senergypublicpolicyandregulatoryframeworkincludes,butisnotlimited,tothefollowinglegislation:(a)ActNo.83ofMay2,1941,asamended,knownasthePuertoRicoElectricPowerAuthorityAct(“Act83-1941”);(b)ActNo.114-2007,asamended,knownastheElectricPowerAuthorityNetMeteringProgram(“Act114-2007”);(c)ActNo.83-2010, as amended, knownas theGreenEnergy IncentivesAct of PuertoRico (“Act83-2010”); (d) Act No. 82-2010, as amended, known as the Public Policy on EnergyDiversificationbyMeansofSustainableandAlternativeRenewableEnergyinPuertoRicoAct(“Act82-2010”);(e)Act57-2014,asamended;(f)Act120-2018,asamended;and(g)Act17-2019.
Likewise, the energy regulatory framework also includes, without limitation, thefollowing rules issued by the Energy Bureau: (a) Regulation on Adjudicative, Notice ofNoncompliance, Rate Review and Investigation Procedures, Regulation No. 8543; (b)RegulationonMediationandArbitrationProceduresofthePuertoRicoEnergyCommission,RegulationNo.8558;(c)AmendmenttoRegulationNo.8618onCertification,AnnualFees,andOperationalPlansforElectricServiceCompaniesinPuertoRico,RegulationNo.8701;(d) New Regulation on Rate Filing Requirement for the Puerto Rico Electric PowerAuthority’sFirstRateCase,RegulationNo.8720;(e)JointRegulationfortheProcurement,Evaluation,Selection,NegotiationandAwardofContractsforthePurchaseofEnergyandforthe Procurement, Evaluation, Selection, Negotiation and Award Process for theModernizationof theGenerationFleet,RegulationNo. 8815; (f)EnmiendaalReglamentoNúmero8653,ReglamentosobrelaContribuciónenLugardeImpuestos,RegulationNo.8818;(g)RegulationontheProcedureforBillReviewandSuspensionofElectricServiceDuetoFailure to Pay, Regulation No. 8863; (h) Enmienda al Reglamento Núm. 9009, sobre elProcedimientoparalaRevisióndeFacturasEmitidasporlaAutoridaddeEnergíaEléctricadePuerto Rico Durante Situaciones de Emergencia, Regulation No. 9018; (i) Regulation onIntegratedResourceforthePuertoRicoElectricPowerAuthority,RegulationNo.9021;(j)Regulation on Microgrid Development, Regulation No. 9028; (k) Reglamento sobre elProcedimientoparalaRevisióndeFacturasEmitidasporlaAutoridaddeEnergíaEléctricadePuerto Rico Durante Situaciones de Emergencia, Regulation No. 9043; (l) Enmienda alReglamento9043,ReglamentosobreelProcedimientoparalaRevisióndeFacturasEmitidaspor la Autoridad de Energía Eléctrica de Puerto Rico Durante Situaciones de Emergencia,
9
Regulation No. 9051; (m) Enmienda al Reglamento Núm. 8863, Reglamento sobre elProcedimientopara laRevisióndeFacturasySuspensióndelServicioEléctricoporFaltadePago,RegulationNo.9076;(n)RegulationonEnergyCooperativesinPuertoRico,RegulationNo.9117;(o)RegulationforPerformanceIncentiveMechanisms,RegulationNo.9137;(p)RegulationonElectricEnergyWheeling,RegulationNo.9138,(q)EnmiendaalReglamentoNúm.8701,sobreCertificaciones,CargosAnualesyPlanesOperacionalesdeCompañíasdeServicioEléctricoenPuertoRico(pendingissuanceofregistrationnumber).Inaddition,thesubsequentregulationshavebeenpromulgatedbytheEnergyBureauandarependingforapproval:(a)RegulationForEnergyEfficiencyandDemandResponse;(b)InRe:EnmiendaalReglamento sobre Certificaciones, CargosAnuales y PlanesOperacionales de Compañías deServicioEléctricoenPuertoRico;and(c)Propuesta de Enmienda al Reglamento Núm. 8543, Reglamento de Procedimientos Adjudicativos, Avisos de Incumplimiento, Revisión de tarifas e Investigaciones.
IV. Determination
A. IssuanceoftheCertificateofEnergyCompliance
The Energy Bureau carefully analyzed and evaluated the Report, the PreliminaryContract(asmodified), taking intoconsiderationtheenergypublic policy and regulatoryframework of Puerto Rico. ThepublicpolicytenetsestablishedthroughinAct120-2018andAct17-2019arenotaffectedbytheprovisionsofthePreliminaryContract.Besides,theprinciplesofpublicpolicyestablished,andtheregulatoryframeworkareincorporatedinthedifferentprovisionsofthePreliminaryContract.Moreover,theregulatoryauthorityoftheEnergyBureau tooversight compliancewithpublicpolicyand theregulatory frameworkremainintact.
B. NoLimitationonJurisdictionorAuthority;RuleofConstruction;OtherMatters
As stated before, the scope of the Energy Bureau’s evaluation of the Preliminary
ContractislimitedtothedeterminationofcompliancewiththePuertoRico’senergypublicpolicyandthecurrentregulatoryframework.AlthoughtheEnergyBureauprovidedcertainfeedbacktotheP3Authorityduringthecompetitivesolicitationprocess,30thePreliminaryContract, results from an independent negotiation conducted by the P3 Authority. TheEnergyBureauisnotapartytothePreliminaryContract.Thus,noobligationand/ordutymaybeimposedtotheEnergyBureauunderthePreliminaryContract(asmodified).
Asaminimum,alloftheforegoingshallbetakenintoconsiderationbythePartnership Committee as the fundamental interests of the People ofPuertoRicowhenevaluatingproponentsandtheiroffers.
