Puerto Rico to privatize power company

[Stephen + 67]

As Puerto Rico continues its recovery from Hurricane Maria’s devastation, the island’s government plans to sell its public energy company’s assets in a bid to modernize their power supply system and recoup its economic losses. More than 30 percent of customers are still without electricity more than four months after the hurricane

[JohnAtronis + 78]

Looks like risky investment. Infrastructure averages roughly 45 years old, compared with 18 years on the U.S. mainland. Also, company has  a $9 billion debt load, filed for bankruptcy last year and faces longstanding accusations of mismanagement and corruption. 

[Meanwhile + 49]

How did the public utility get so far into debt? Especially since they didn't invest in the infrastructure for decades 

[Stephen + 67]

1 minute ago, Meanwhile said:

How did the public utility get so far into debt? Especially since they didn't invest in the infrastructure for decades 

Cuts, lack of regulatory oversight, lack of government's help....

[Joanna + 68]

Get Musk in there with his storage systems. 

[JohnAtronis + 78]

Privatization will not cure the ills as long as the unions still control all the employees.It will just give the government a scape goat for the existing problems.

[Rodent + 1,424]

Privatization is indeed a start. Not like there's not corruption in the private sector, but still... nothing says unprofitable like government.

[Adam Varga + 123]

It is tragic when a government has to sell its agencies because of the poor performance  and lack of vision.