Puerto Rico to privatise power generation

• 1 year, 3 months ago (2023-01-16)
• David Flin

North America 998 Transmission 181

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Puerto Rico has announced that it plans to privatise electricity generation as it struggles to rebuild a crumbling electric grid. The move marks the beginning of the end for Puerto Rico’s Electric Power Authority, which currently holds around $9 billion in debt, the largest of any government agency in Puerto Rico.

Fermín Fontanés, Executive Director of Puerto Rico’s Public-Private Partnerships Authority, said that the Board of Directors unanimously approved the privatisation of generation.

It is not yet known which company has been selected to take over power generation. A spokeswoman from the Authority said that the contract was not yet public, in accordance with local laws.

Fontanés said the contract would be sent to the governing board of Puerto Rico’s power company and then to the territory governor for his signature. The contract is expected to be approved despite some opposition to privatisation.