Puerto Rico Gov. Ricardo Rosselló said he plans to privatize the commonwealth’s beleaguered electric utility, which has struggled to fully restore power following Hurricane Maria’s devastating landfall last year.
In an announcement this afternoon, Rosselló said he intends to sell off assets of the Puerto Rico Electric Power Authority.
The governor plans to make the sale of the utility’s assets a priority as part of a new fiscal package he will present to the territory’s federal oversight board. The deadline for that new plan is Wednesday.
Congress granted the seven-member, bipartisan board authority to approve revenue and fiscal decisions made by the commonwealth government as part of its mission to restore the economy and regain Puerto Rico’s access to bond markets.
Puerto Rico, which has some $70 billion in debt, asked the oversight board last year to file a bankruptcy-like proceeding, the largest such failure by any U.S. municipality.
PREPA owes approximately $9 billion in bond debt to creditors, making it one of the most significant bond classes in Puerto Rico’s historic debt default.
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Puerto Rico's governor plans to privatize electric utility https://t.co/Hqi1ZBqP4Y via @colinwilhelm pic.twitter.com/D0EN4BZl2U
— POLITICO (@politico) January 23, 2018
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