SAN JUAN, Puerto Rico (AP) — Puerto Rico announced Sunday that it plans to privatize electricity generation, a first for a U.S. territory facing chronic power…
The move marks the beginning of the end for Puerto Rico’s Electric Power Authority, a behemoth long accused of corruption, mismanagement and inefficiency that holds some $9 billion in public debt — the largest of any government agency.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Fontanes said the contract would be sent to the governing board of Puerto Rico’s power company and then to the territory’s governor for his signature. The contract is expected to be approved despite opposition to the privatization. He noted that Puerto Ricans are dismayed with the current situation and demand a more reliable and economic electrical system: “The necessary transformation of our ⦠system is a priority.”
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