Puerto Rico’s power utility has filed a new plan to restructure $10 billion in debt to conclude a bankruptcy process.

The federal control board proposed a plan to lower the Electric Power Authority’s debt by nearly 80% to $2.5 billion.

If approved by a federal bankruptcy judge, Puerto Rico’s Energy Bureau would raise residents’ expensive power rates, with average monthly home bills rising by $9 and commercial bills by $35.

The plan indicates that 1.4 million consumers who consume less than 425 kilowatt-hours a month will not pay the additional levy.

The board said entities holding over 40% of Puerto Rico’s uninsured bonds support the latest debt restructuring plan.

The plan follows a federal judge reducing investors’ claims.

Board chairman David Skeel criticized the plan, stating that a financially unstable power business is not beneficial for anyone.