A private company on Tuesday took over the transmission and distribution operations of Puerto Rico’s power authority, which has struggled with blackouts and bankruptcy, corruption and mismanagement.
Luma Energy inherits unresolved blackouts, with more than 30,000 customers left without power in recent weeks. Hurricane Maria destroyed most of the power grid in 2017.
However, Stensby said the company, which will serve all of the island’s roughly 1.5 million clients, has enough resources to handle a Category 2 hurricane and can bring in more equipment and workers if a stronger storm hits. Meanwhile, the new company will inherit unresolved blackouts, with more than 30,000 customers left without power in recent weeks.
“We’ve had a bankrupt ... incompetent public utility for too long,” he said. “The transformation that is underway will make a difference.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
KKR, CD&R Strike $5.3 Billion Deal to Buy ClouderaPrivate-equity firms KKR and Clayton Dubilier & Rice agreed to buy Cloudera for roughly $5.3 billion in a deal that would take the software company private.
Read more »
Pembina Pipeline to buy Inter Pipeline in a deal valuing Inter at C$8.3 billionThe U.S.-listed shares of Pembina Pipeline Corp. undefined dropped 2.7% in premarket trading Tuesday, after the Canada-based pipeline services company...
Read more »
CNN ramps up streaming push as Discovery merger loomsCNN’s plans for a new streaming service are coming into focus as the cable network’s parent company prepares to merge with Discovery Inc.
Read more »
Weatherford International to Relist on Nasdaq as Oil Industry RecoversShares of Weatherford, once the world’s fourth-largest oil-field services company before being felled by an oil bust, are set to be relisted on the Nasdaq stock exchange
Read more »
Little Island Won Me OverLittle Island is a bewitching, and utterly New York–y, place. JDavidsonNYC writes
Read more »
Myanmar’s generals struggle to restart its stalled economyA Burmese employee of a South Korean bank was killed in Yangon in March after soldiers fired on a company van that was taking her home from work
Read more »