Puerto Rico announced on Sunday that it plans to privatize electricity generation, a first for a U.S. territory facing chronic power outages as it struggles to rebuild a crumbling electric grid, the Associated Press reported.
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The House on Thursday passed a bill that would allow Puerto Ricans to decide their future governing status, a long-sought goal on the island territory, the Washington Post reported. The vote was 233-to-191, with 16 Republicans breaking ranks and joining Democrats in backing the measure.
Puerto Rico’s financial oversight board filed a plan to restructure about $9 billion of power utility debt after failing to reach a deal with bondholders, signaling the agency’s five-year bankruptcy will take even longer to resolve, Bloomberg News reported.
Luma Energy won approval from Puerto Rico’s financial oversight board for a contract extension to run the island’s government-owned power grid amid criticism that the historically fragile electric system remains unreliable, Bloomberg News reported.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.