Puerto Rico to Start Privatizing Embattled Energy Company
- Prepa’s disrepair is a major obstacle to hurricane recovery
- Buyers would confront a wrecked system with daunting finances
A Tale of Two Puerto Ricos
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Puerto Rico Governor Ricardo Rossello said he’s moving to privatize the assets of the island’s electric company, a utility so badly damaged by Hurricane Maria that millions have been left in the dark for months.
Selling the insolvent Puerto Rico Electric Power Authority, the largest U.S. public power utility by customers and revenue, could take 18 months, Rossello said. It will start with legislation to establish a legal framework before the government entertains purchase proposals.