Puerto Rico announced Sunday that it plans to privatize electricity generation, a first for a US territory facing chronic power outages as it struggles to rebuild a crumbling electric grid.
SAN JUAN, Puerto Rico—
Fermín Fontanés, executive director of Puerto Rico’s Public-Private Partnerships Authority, said the board of directors unanimously approved the privatization of generation, including the members who represent the public’s interest. Carmen Maldonado, vice president of the main opposition Popular Democratic Party, said she and others would fight the plan.
It was not immediately clear what effect, if any, the privatization would have on unsuccessful efforts so far to restructure the power company’s debt, with the government and some creditors going to court after several rounds of failed mediation talks.
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