Puerto Rico privatized its electricity production on Wednesday, selecting Genera PR to take over the operation and maintenance of state power generation units in the U.S. territory as part of an initial $22.5 million annual contract, the Associated Press reported.
Puerto Rico in Distress
The governing board of the Puerto Rico Electric Power Authority, the public corporation currently in charge of energy generation on the island, approved a contract that brings the U.S. territory one step closer to privatizing power generation, NBCNews.com reported.
Puerto Rico announced yesterday that it will start cracking down on those who abuse the U.S. territory’s tax credit system, an opaque and long unregulated sector with claims that average about $270 million a year, the Associated Press reported.
Puerto Rico announced on Sunday that it plans to privatize electricity generation, a first for a U.S. territory facing chronic power outages as it struggles to rebuild a crumbling electric grid, the Associated Press reported.
The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.