Puerto Rico power company gives T&D reins to private firms
Read full article: Puerto Rico power company gives T&D reins to private firmsYou have a titanic challenge before you, said Omar Marrero, executive director of Puerto Ricos Fiscal Agency and Financial Advisory Authority. The contract does not call for an increase in rates, which will require approval by Puerto Ricos Energy Commission, said Fermn Fontans, executive director of Puerto Ricos Public-Private Partnerships Authority. The Electric Power Authority serves 1.47 million clients across Puerto Rico and reports $3.5 billion in customer revenues. The power company has one of the highest debts of any Puerto Rico government agency at more than $9 billion, leading it to declare bankruptcy in 2017. Government officials said power company workers will receive priority and that none will be laid off.