Puerto Rico selects company to privatize power generation

By DÁNICA COTO
Associated Press

SAN JUAN, Puerto Rico (AP) — Puerto Rico privatized its electricity production on Wednesday. The government chose 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. Genera is a subsidiary of New York-based New Fortress Energy, which works closely with Shell Oil and other fossil-fuel producers. The island has been struggling to rebuild its crumbling power grid amid chronic power outages blamed in part on what Gov. Pedro Pierluisi called “archaic and unstable” generation units. Genera PR will have monopoly power as it handles fuel purchases for the island’s 12 power facilities as part of hte 10-year deal.