ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE July 2, 2021

LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org July 2, 2021

BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, OIL & GAS International Arbitration Group, Freshfields Bruckhaus Deringer How Can Puerto Ecuador Makes Jeffrey Davidow Senior Counselor, First Oil Shipment The Cohen Group Rico’s Power Grid on Large Vessel Jonathan C. Hamilton Ecuador on Monday exported its Partner, flagship Oriente crude oil to Asia White & Case Be Strengthened? via a very large crude carrier, or Raul Herrera VLCC, for the first time following Partner, Corporate & Securities Practice, the completion of an upgrade to Arnold & Porter one of its ports. Page 2 James R. Jones Chairman, Monarch Global Strategies RENEWABLES Jorge Kamine Partner, AES Brasil to Corporate & Financial Services, Willkie Farr & Gallagher Develop Wind Craig A. Kelly Power Complex Senior Director, The Brazilian energy firm is Americas Int’l Gov’t Relations, Luma Energy took over Puerto Rico’s power transmission and distribution system on June 1. planning to develop a $1.2 billion Exxon Mobil Luma employees on the island are pictured. // File Photo: Luma Energy. wind power project in Rio Grande Jorge León Energy Economist, do Norte with 1.1 gigawatts of BP A sudden power outage left more than 337,000 customers generation capacity. Page 5 Jeremy Martin without electricity across Puerto Rico on June 16, just Vice President, Energy & Sustainability, Institute of the Americas weeks after Luma Energy took over the U.S. territory’s power POWER SECTOR Larry Pascal Q transmission and distribution system, which was previously Chairman, Brazil Announces Americas Practice Group, run by Puerto Rico’s Electric Power Authority, or PREPA. How well pre- Haynes & Boone pared is Luma for the takeover? What should be the private firm’s main Power Measures R. Kirk Sherr priorities as it takes control of the power system’s operations? What are Amid Drought President, Brazilian Mines and Energy Clearview Strategy Group the most important structural problems of the island’s electricity grid, Minister Bento Albuquerque and what must be done to address them? Mark Thurber announced emergency power Partner, Hunton Andrews Kurth measures in response to one of the country’s worst droughts in a Alexandra Valderrama Cathy Kunkel, energy analyst at the Institute for Energy century. Despite earlier reports, Director, Economics and Financial Analysis (IEEFA): “Luma Energy has International Government Affairs, energy rationing is not part of the Chevron had serious problems providing reliable electric service since government’s plan. Jose L. Valera it took over on June 1. Four mayors have declared states of Page 2 Partner, A emergency due to prolonged outages, and there have been widespread Mayer Brown LLP Lisa Viscidi complaints of voltage fluctuations damaging equipment and long repair Program Director, times. It was sadly predictable that Luma would be unprepared to run Inter-American Dialogue the system. Luma and the government of Puerto Rico negotiated a Vanessa Wottrich Principal Analyst for Latin America, privatization contract that sought to break the Puerto Rican electrical Equinor workers’ union and did not recognize the existing collective bargaining agreement. Because of Luma’s hostile approach to Puerto Rican labor, it was unable to hire a majority of the skilled work force that had previously worked for the public electric utility. Luma started with only about 2,100 employees, instead of the previous 4,200, including many new employees with little training. As a result, Puerto Rico now has hundreds of experi- Albuquerque // File Photo: Brazilian Continued on page 3 Government.

POWER SECTOR NEWS to allow for higher thermoelectric power NEWS BRIEFS generation to offset the decline in hydropower, Brazil Announces Reuters reported. The firm is also reportedly Mexico Unlikely to Get in talks with electricity regulator Aneel on how Major Power Sector Emergency Action to improve the situation. Hydropower used to be Brazil’s main source of electricity, but its Investment Soon: Moody’s Amid Drought energy matrix has been diversified in recent Mexico will not see any new major private years, which helps mitigate future risks on investment in the country’s electricity sector Brazil’s government on Monday announced electricity supply, Renato C. Zambon, associate over the next three years, credit ratings agency emergency energy measures in response to professor at the University of São Paulo, told Moody’s said in a report last week, Infobae one of the country’s worst droughts in nearly a the Energy Advisor in a Q&A published May 28. reported. The ratings agency said controversial century, which has threatened to disrupt hydro- “Shortage of energy is unlikely to happen in the changes in the industry’s regulatory framework power generation, Reuters reported. Mines and near future, but higher prices are expected,” has soured both national and international pri- Energy Minister Bento Albuquerque in a speech he wrote. “Measures to manage the droughts vate investment interest in the sector. [Editor’s called on consumers to be conscientious include the transfer of energy between regions, note: See related Q&A on President Andrés in their use of power and water. He did not the increase of thermal dispatch, intensifying Manuel López Obrador’s energy reforms in last announce any measures to ration electricity, campaigns for energy savings and speeding up week’s issue of the Energy Advisor.] despite reports earlier this month that such a the expansion of the system,” Zambon added. move was in the works. Albuquerque said the government was designing a voluntary program Ecopetrol Decides Against to incentivize companies to use power outside OIL AND GAS NEWS of peak hours, Reuters reported. His announce- Issuing Shares to Buy Ecuador Makes First Colombian Utility ISA Shortage of energy Colombian state-controlled oil firm Ecopetrol is unlikely to happen Shipment on Very has decided against issuing shares to buy the in the near future, government’s stake in national electric utility Large Crude Carrier ISA, instead seeking a loan from an interna- but higher prices tional bank to close the planned purchase, are expected.” Ecuador on Monday for the first time exported Argus Media reported last week. Ecopetrol — Renato C. Zambon its flagship Oriente crude oil on a very large had initially said it would seek to finance the crude carrier (VLCC) following the South purchase of the government’s 51.4 percent American country’s completion of an upgrade stake in ISA through a sale of 8.5 percent of ment came after President Jair Bolsonaro to a terminal, Reuters reported. Vessels from Ecopetrol’s shares, internal cash flow and new signed a temporary executive order creating the Punta Gorda port are able to transport debt. However, it has reversed course, saying an emergency body known as the Chamber of more than two million barrels of crude. Unlike the favorable financial performance of the Exceptional Rules for Hydroenergy Manage- the country’s main port, Balao, Punta Gorda company allows it to close the transaction. ment amid the shortage of rainfall, which has is equipped to handle VLCCs. Ecuador hopes depleted water reservoirs. The situation has the upgraded terminal, where an extension to forced power generators to turn to more costly the SOTE pipeline was recently built, will help thermal sources, which in turn has raised boost its oil exports to Asia by lowering cus- Petrobras Planning Slow prices for consumers. The decree temporarily tomers’ logistics costs and enabling them to Handover of Refinery to establishes limits that “may result in a reduc- load both Oriente and the heavier Napo grade Abu Dhabi’s Mubadala tion in the flow of hydroelectric plants” and crude in a single shipment, according to the also opens the door for the government to buy report. Increasing oil output and exports is part Brazilian state oil company Petrobras is electricity reserves from private firms. Brazil’s of new President Guillermo Lasso’s plan to re- planning to operate the Landulpho Alves hydroelectric dams are facing their lowest activate the country’s economy. The upgraded refinery for 15 months after the conclusion of water levels in 91 years following a period port “better positions our crude in international its sale to Abu Dhabi’s state-owned investment of below-average rainfall, according to the markets,” state oil company Petroecuador’s fund, Mubadala, which is expected in the third Mines and Energy Ministry. In addition, state new chief executive, Pablo Luna, told reporters, quarter, Argus Media reported last week. The oil company Petrobras is reportedly evaluat- the wire service reported. The shipment on two companies are close to finalizing the $1.65 ing a further increase in natural gas supplies Monday included 1.08 million barrels of Oriente billion transaction. Brazil’s antitrust regulator Cade approved the sale last month.

crude as well as approximately 700,000 barrels FEATURED Q&A / Continued from page 1 of Napo crude. Both cargoes are part of a deal that Petroecuador recently announced with enced former electrical workers unable to distribution (T&D) system that carries power Chinese state oil firm PetroChina. In a state- do the jobs they were trained for, while Luma from centralized power plants in southern ment earlier this month, Petroecuador said it struggles to keep the lights on. The most Puerto Rico to the north is a key vulnerabil- had awarded a tender to the Chinese company important structural problems facing the ity amid multiple types of weather events, to buy approximately 2.16 million barrels of grid are its overreliance on imported fossil earthquakes, vegetation growth, wildlife Oriente at discounted prices. fuels and on long-distance transmission lines. Recent comprehensive grid modeling work has demonstrated that Puerto Rico Luma should prioritize Vista, Trafigura could achieve 75 percent renewable energy the transformation Ink Deal to Develop by 2035 by transitioning to a decentralized of the electric system, system based on rooftop solar and storage. putting commmunities Wells in Vaca Muerta Puerto Rico is slated to receive more than at the center of $14 billion in FEMA funds over the next a new paradigm...” Latin American oil company Vista Oil & Gas decade, which could be put to good use — Ruth Santiago and Switzerland-based Trafigura on Monday constructing a decentralized, renewable signed an agreement to jointly develop 20 wells energy-based future for the island’s grid.” in Argentina’s massive Vaca Muerta shale oil impact and difficult access to servitudes and deposit, Reuters reported. The companies said Ruth Santiago, Puerto Ri- easements, among others. The T&D system’s in a statement that Trafigura Argentina will co-based lawyer and environ- interconnected vertical structure will likely invest about $75 million in the Bajada del Palo mental policy expert: “Luma succumb in the next hurricane(s) even if Oeste block, where Vista has 28 operational oil A lacked an approved remediation ‘hardened,’ as Luma proposes. Widescale wells. Of that figure, $50 million will go toward plan, performance metrics, other required rooftop solar power and storage will provide developing new wells and $25 million will be to plans and the necessary work force. Several lifesaving resiliency.” buy 20 percent of their eventual production, the conditions precedent in the Luma operations statement said. and maintenance contract, including the Ingrid M. Vila-Biaggi, president reorganization of GenCo and ServCo, were of CAMBIO and former chief of waived so that Luma could take over oper- staff of the Commonwealth of Argentina’s CGC ations. The protocol agreement with FOMB, A Puerto Rico: “Hurricane Luma— the litigation certification and the required this is what some in Puerto Rico have called Closes Deal to Buy insurance policies are also missing. The the experience during the first month of the Sinopec’s Local Unit PR Energy Bureau issued only ‘conditional’ private operator’s takeover of the island’s approvals of important documents such as electric grid. The irrefutable fact is that Lu- Argentina’s Compañía General de Combus- the initial budget and system operating prin- ma’s failing performance has literally endan- tibles, or CGC, on Wednesday closed a deal ciples. Luma admitted that it needs at least gered lives, thus bringing back memories of to buy the local unit of China Petroleum & 3,800 employees to operate the system, but the aftermath of major storms. Widespread Chemical Corp., known as Sinopec, Bloomberg it only recruited about 2,100, roughly half voltage fluctuations have set homes on fire. News reported. The transaction makes CGC, of PREPA’s transmission, distribution and Outages that previously would have been which is majority owned by Argentine billion- administration work force, including about repaired quickly have taken much longer aire Eduardo Eurnekian’s Corporación América 350 of approximately 800 line workers. due to Luma’s insufficient number of worker International, one of the top five oil and gas Fewer than 1,200 of the recruits were former brigades. The president of the Puerto Rico producers in the South American nation. The PREPA employees with hands-on experience Hospital Association has said the ‘constant terms of the deal were not disclosed in CGC’s with PREPA’s very complex system. Luma power outages’ threaten tens of thousands statement. However, a person familiar with should prioritize the transformation of the of patients and outpatients. Luma has been the matter told Bloomberg News the deal was electric system, putting communities at unresponsive to complaints as consumers valued at $240 million, adding that it will be the center of a new paradigm based on have flooded their phone and Internet chan- financed with bridge and syndicated loans. The rooftop/on-site solar power and battery nels. All of this is occurring despite a year- acquisition includes Sinopec’s assets in Pata- energy storage systems, energy efficiency long ‘transition period’ during which Luma gonia’s San Jorge and Cuyana basins, which and similar programs. The transmission and charged more than $150 million. Luma’s Continued on page 6

COPYRIGHT © 2021, INTER-AMERICAN DIALOGUE PAGE 3 LATIN AMERICA ENERGY ADVISOR July 2, 2021 could lead to CGC boosting its daily production by 35 percent as compared to late 2019 output ADVISOR Q&A levels, or nearly 40 percent as compared to its average production in the first quarter of this year, S&P Global Platts reported, citing compa- How Much Will the G7 Vaccine ny data. The purchase “reaffirms CGC’s vision of continuing to invest and grow in Argentina,” Donation Help Latin America? the Buenos Aires-based company’s chairman and CEO, Hugo Eurnekian, said in the state- U.S. President Joe Biden and show that essential second doses are lag- ment. “We are convinced of the enormous and G7 leaders in June committed ging. We must do more to speed up vaccine diverse potential offered by the geology of our to donating more than one distribution on an equitable basis. Helping Q billion Covid-19 vaccine doses country, not only in shale but especially in tight countries to obtain and administer vaccines and conventional. This step we are taking is for the world, including Latin American is part of Vision 2025, the IDB’s broader plan proof of that,” he added. Sinopec had entered and Caribbean countries, with more than to help the region recover from the pandem- the Argentine market in 2011 after buying the 500 million doses coming from the United ic and usher in an era of sustainable growth. assets of U.S-based company Occidental Pe- States. How significant is the announced The IDB both appreciates and supports the troleum, or Oxy, for $2.5 billion. It was one of donation by the G7? To what extent has Lat- G7’s commitment, which adds to our own the biggest deals ever in Argentina’s oil sector, in America’s slow vaccine rollout been af- S&P Global Platts reported. However, the Chi- fected by a limited supply of doses, and do nese firm’s output had been declining in recent countries in the region have the necessary We must do more to years as conventional resources matured in logistics and financial resources in place speed up vaccine the company’s blocks and Argentina’s financial to make sure the shots are administered? distribution on an and political uncertainty hindered long-term As inoculation advances in the region, what equitable basis.” is the most likely timetable for back-to- investment plans, according to the report. — Mauricio Claver-Carone normal protocols and the expected pace of economic recovery? Mexican President vaccine work in the region. Our vaccine Demands Names of Mauricio Claver-Carone, support is part of a broader response; we ap- president of the Inter-American proved a record $21.6 billion in new financ- Officials in Scheme Development Bank: “The G7’s ing across sectors and a $1 billion program A commitment to donate vaccines to help borrowing member countries buy Mexican President Andrés Manuel López Obra- to poor countries, including in Latin America and distribute vaccines. We are also helping dor last week said that he wants Dutch energy and the Caribbean, is a welcome and very countries with storage, transportation and firm Vitol to reveal the names of officials at important step toward the region’s recovery. logistical issues, as well as with vaccine Mexico’s state oil company with whom it was In recent weeks, the region has suffered communications campaigns. We have allegedly involved in a bribery scheme, Reuters from about 150,000 new daily Covid cases helped 10 countries acquire and finance reported. State oil firm Pemex’s contracts and more than 4,000 daily deaths. South the purchase of vaccines. We are also the with Vitol are currently under review in search America has eight times the world’s death first multilateral development bank to offer of better terms after the European company rate. These are some of the worst numbers an indemnity guarantee instrument to help admitted to paying bribes in exchange for since the pandemic began, which is why the governments negotiate vaccine deals with business contracts in Mexico. Vitol, the world’s IDB has taken numerous initiatives to speed pharmaceutical companies. Getting people largest independent oil trader, has offered Pe- up equitable vaccine distribution. More than vaccinated is of paramount importance, mex $30 million as compensation for damages a third of all new Covid cases are in our not just to keep people healthy, but also to as part of the case. “Hopefully, they will stop region, which accounts for 32 percent of ensure that the region’s recovery begins as trying to solve the problem without saying who worldwide deaths, even though it represents quickly and as equitably as possible.” the official was who asked them for money,” 8 percent of the world’s population. This López Obrador said during his daily news con- health crisis has led to the worst economic ference on June 24. “We want the name of the crisis in 200 years. The region urgently EDITOR’S NOTE: More commentary on this person who supposedly received the money,” needs vaccines. Only 21 percent of its pop- topic appears in the Q&A of Monday’s issue he added. Reuters could not immediately reach ulation has received at least one dose—half of the Latin America Advisor. a Vitol representative for comment. Vitol’s the level of OECD countries—and reports

NEWS BRIEFS business with Pemex was suspended late last declined to comment to the wire service. The year after it paid more than $160 million to former employee, Raymond Kohut, in April Main Venezuelan settle charges that it conspired to pay bribes pleaded guilty to engaging in a bribery scheme Opposition Coalition Will in several countries in Latin America, including that involved securing business with Ecua- Brazil, Mexico and Ecuador, as recently as dorean state oil company Petroecuador from Be Allowed in Elections last year, Bloomberg News reported, citing a 2012 to August of last year, Bloomberg News Venezuela’s Democratic Unity Roundtable deferred prosecution agreement. Ecuadorean reported. Kohut is facing as many as 20 years opposition coalition, or MUD, will be allowed state oil company Petroecuador announced in prison, Reuters reported. The bribery scheme to run in this November’s state and local last year that it was also excluding Vitol from could have led to payments of as much as $22 elections, the government-controlled electoral its list of suppliers and customers. million in bribes to officials. Following Kohut’s board said Tuesday, Bloomberg News report- plea, Ecuadorean authorities in April arrested ed. The move could allow President Nicolás Pablo Celi, the country’s comptroller, José Maduro to seek the lifting of U.S. sanctions. Petroperú Partners Augusto Briones, a former energy minister, as With Altamesa to well as six other people in connection with the case. Briones was a secretary for ex-President Slim Will Pay for Repairs Develop Large Field Lenín Moreno before taking over the energy ministry in November 2019. He resigned from to Mexico City Metro Peruvian state oil firm Petroperú announced that position in March 2020. “We’re finally Overpass: President last week that it will partner with Canada’s seeing a prosecution that is acting according to the information in its possession,” Mauricio Mexican business magnate Carlos Slim will Altamesa Energy to develop the country’s Alarcón, a lawyer and head of transparency pay to rebuild a Mexico City metro overpass largest oil deposit, Deutsche Welle reported. watchdog Fundación Ciudadanía y Desarrollo, that collapsed in May, killing 26 people, The two companies will develop Block 192 in told Bloomberg News following the arrests. President Andrés Manuel López Obrador said Loreto department, in the country’s Amazonian Wednesday, CNN reported. Slim will assume region. Average basic production at Block 192 all costs associated with the repairs, López Ob- is approximately 10,500 barrels per day, and RENEWABLES NEWS rador said. “He will take care of the reconstruc- the deposit has a total of 250 drilled wells, tion of the entire [subway line] stretch, making according to the company’s statement. Total sure that it gets done with all the necessary recoverable technical reserves are estimated at AES Brasil to Develop safety [measures] at no cost to the people,” the 127 million barrels of medium, light and heavy president said. A report last month found that crude, Petroperú said. Development of the oil $1.2 Billion, 1.1 GW defective construction of the line was at fault deposit is set to begin following the conclusion for the collapse. of a consultation process with local Indigenous Wind Power Complex communities, which must first approve the contract, the company added. Brazilian energy firm AES Brasil is planning to develop a 6 billion real, or $1.2 billion, wind Ex-Bolivian Treasury project in Rio Grande do Norte state, Renew- Official Detained in Swiss Authorities ables Now reported last week. The Cajuina Probe Over IMF Loan Probing Case Related Wind Complex will be located in the munici- palities of Lajes, Angicos, Pedro Avelino and Bolivia’s government on Tuesday detained to Gunvor, Ecuador Fernando Pedroza. The 1.1-gigawatt project, former Treasury Vice Minister Carlos Schlink which economic development secretary Jaime in connection with a probe into a loan from Swiss prosecutors said Wednesday that they Calado has said will boost the state’s wind the International Monetary Fund that current are investigating whether bribery, money laun- capacity by 20 percent, is expected to create President Luis Arce has renounced, the Associ- dering or other crimes in connection with Ecua- 900 jobs during its construction phase. Rio ated Press reported. Schlink, who served under dor oil trading were committed in the European Grande do Norte’s current wind power capacity former interim President Jeanine Áñez, was country following a U.S. criminal case involving is 5.1 gigawatts, according to the report. AES arrested as he was trying to leave the country, a former employee of the Geneva-based Gun- Brasil announced in February that it had signed according to prosecutor Manuel Saavedra. vor Group, Reuters reported. U.S. prosecutors a power purchase agreement with domestic Three other former treasury ministers are have an open case on “the suspected bribery ferroalloys producer Ferbasa for 80 average also under investigation as part of the case, of Ecuadorean public officials and money laun- megawatts of wind power that will be sourced and Áñez has been detained on charges of dering,” the Swiss attorney general’s office said from a subproject at the complex, Renewables sedition. She denies wrongdoing. in a statement announcing its probe. Gunvor Now reported.

FEATURED Q&A / Continued from page 3 LATIN AMERICA ENERGY ADVISOR is published weekly by the Inter-American Dialogue ISSN 2163-7962 arrogance in thinking that it could operate to ensure integration of local institutional Puerto Rico’s electrical system—one of the knowledge and the generational transfer of Erik Brand most complex in the United States—with an it must also be prioritized. Local knowledge Publisher [email protected] understaffed work force, of which many lack is as important to the success of field oper- basic training, is alarming. Yet Luma refused ations as it is to the administrative aspects. Gene Kuleta Editor to abide by existing collective bargaining It is imperative that local, experienced pro- [email protected] agreements, opting instead to dismantle fessionals are included within the ranks and Anastasia Chacón González the most valuable asset of the Puerto Rico Reporter & Associate Editor Electrical Power Authority (PREPA): its work [email protected] force. Everyone knows that PREPA needs The irrefutable fact reforms. However, the Luma takeover is a is that Luma’s step in the wrong direction. Civil society failing performance Michael Shifter, President groups across the island jointly developed has literally endan- Rebecca Bill Chavez, Nonresident Senior Fellow and endorsed a proposal that presents an gered lives...” Bruno Binetti, Nonresident Fellow achievable and cost-effective path to reach- — Ingrid M. Vila-Biaggi Sergio Bitar, Nonresident Senior Fellow ing 75 percent renewable energy by 2035, Joan Caivano, Senior Advisor including equipping all homes on the island Kevin Casas-Zamora, Nonresident Senior Fellow with rooftop solar and battery systems, leading future decisions for the power sys- Julia Dias Leite, Nonresident Senior Fellow thus reducing vulnerabilities. But instead of tems operations. Puerto Rico’s power grid’s Ariel Fiszbein, Director, Education Program advancing a real transformation to a reliable biggest challenge toward a healthy transition Sandra García Jaramillo, Nonresident Senior Fellow and renewable energy-based electrical sys- is its very own design: highly centralized Selina Ho, Nonresident Senior Fellow tem, we are faced with the same centralized with great distances between generation Edison Lanza, Nonresident Senior Fellow fossil fuel system and a bad privatization and consumption and dependence on fossil Nora Lustig, Nonresident Senior Fellow deal that increases the island’s frailty while fuels. Having an endless stream of transmis- Margaret Myers, Director, Asia Program also endangering lives and property.” sion lines on an archipelago threatened by Manuel Orozco, Senior Fellow hurricanes, earthquakes, floods, landslides Xiaoyu Pu, Nonresident Senior Fellow Jeffrey Puryear, Senior Fellow David Carrasquillo-Medrano, and tsunamis turns each piece of it into a Tamar Solnik, Director, Finance & Administration planning and community devel- considerable vulnerability. Decentralized, Lisa Viscidi, Director, Energy Program opment manager, and Jonathan distribution-scale solar energy installations Denisse Yanovich, Director of Development A Castillo, green energy and crit- that prioritize rooftops are our best bet to ical services manager, both at the Hispanic solve this problem. Interconnectivity will Latin America Energy Advisor is published Federation: “Luma Energy did not have a always be needed to guarantee continuation weekly, with the exception of some major U.S. holidays, by the Inter-American Dialogue successful transition—period. The number of service, redundancy and affordability for 1155 15th Street NW, Suite 800 and severity of power outages experienced the population.” Washington, DC 20005 in the days following the transition does not www.thedialogue.org offer much trust in its capacity. The compa- [Editor’s note: The Energy Advisor requested Subscription inquiries are welcomed at [email protected] ny’s ability to adapt at the speed required to a commentary from Luma Energy, but it did be ready for Puerto Rico’s hurricane season, not receive a response. The company posted The opinions expressed by the members of the Board of which we are currently in, will be the differ- this statement on its website about its emer- Advisors and by guest commentators do not necessarily represent those of the publisher. The analysis is the sole ence between life or death for vulnerable gency management plan.] view of each commentator and does not necessarily residents of the archipelago. For anyone represent the views of their respective employers or firms. The information in this report has been obtained from managing the grid, investment in mainte- The Advisor welcomes comments on its Q&A reliable sources, but neither its accuracy and completeness, nance and/or new infrastructure should section. Readers can write editor Gene Kuleta nor the opinions based thereon, are guaranteed. If you have any questions relating to the contents of this publication, be prioritized. 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