Officials in Puerto Rico announced another electric rate increase Wednesday, the seventh in a year amid continuing power outages and the U.S. territory’s economic crisis, the Associated Press reported. For a client that consumes 800 kilowatt hours, the new rate will be 33 cents per kwh, compared with the previous 29 cents. The average U.S.
Puerto Rico in Distress
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McKinsey & Co. has been a top government consultant since 2016 in Puerto Rico, helping the U.S. territory’s financial overseers manage its spending. In that time, corporate clients of the consulting firm have won tens of billions of dollars of government business, new disclosures show, the Wall Street Journal reported.
Mutual funds are pouring back into Puerto Rico debt, a notable comeback for the U.S. commonwealth that’s exiting the biggest ever municipal bankruptcy after five years and that still struggles with an uncertain economy bled by population loss, Bloomberg News reported. Island officials are trying to make sure investors don’t leave.
Hundreds of Puerto Ricans crowded into a convention center Saturday where federal legislators held a public hearing to decide the future of the island’s political status as the U.S. territory struggles to recover from hurricanes, earthquakes and a deep economic crisis, the Associated Press reported.