The governing board of the Puerto Rico Electric Power Authority, the public corporation currently in charge of energy generation on the island, has approved a contract that brings the U.S. territory one step closer to privatizing power generation.
In a 4-1 vote, board members authorized a contract to an undisclosed private company for the operation, maintenance and forfeiture of power generation units owned by the bankrupt power authority. Tomás Torres Placa, the member representing consumers' interests on the board, was the only dissenting vote.
Officials have said they won’t disclose the name of the chosen private company until the contract is officially finalized. Details of the agreement will also not be made public until it is signed by Gov. Pedro Pierluisi and approved by the federal oversight board managing Puerto Rico's finances.hearing ThursdayThe chosen company will be contracted for 10 years, Gil Enseñat said, adding that the approved contract has clauses allowing a revision of the terms halfway through.
Gil Enseñat said the company is charging “basic and reasonable” fees for the job and the contract contains bonuses based on six compliance aspects, the most crucial being operational efficiency and savings in fuel costs. Sergio Marxuach, policy director at the Center for a New Economy, a Puerto Rico-based nonpartisan think tank, wondered whether the prospective private company will"just run the existing system until Puerto Rico is able to produce more renewable energy."
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