Puerto Rico to privatise its electricity production
Puerto Rico has privatised its electricity production, selecting Genera PR for operation and maintenance of state power generation units in the US territory.
Image for illustration purposes
Puerto Rico, San Juan: Puerto Rico has privatised its electricity production, selecting Genera PR for operation and maintenance of state power generation units in the US territory.
The island has been struggling to rebuild its unreliable power grid amid chronic power outages due to aged and faulty equipment.
Puerto Rico’s generation units, some of them more than 50 years old, have suffered blackouts at rates five times worse than the industry average in recent years, producing less than half of the power the government had forecast.
Genera PR will receive $22.5 M annually for the first five years of the contract, as well as up to $15 M during a transition period of 100 days, and up to $100 M a year in incentives, a payment that also will drop as units are shut down.
Wes Edens, founder and executive director of New Fortress Energy said Genera PR would begin operating by mid-year. He said power outages are unacceptable and stating he finds the electricity bills in Puerto Rico too high.
“While we recognize the challenges that are before us, we believe the opportunities here are tremendous,” Edens said.
Source: Watch Live
#electricity production#Genera PR#New Fortress Energy#privatisation#Puerto Rico