Today, Governor Ricardo Rossell贸 announced that the Puerto Rico Electric Power Authority will be privatized over the following months.

'We have a generation system 28 years older than the average in the electric power industry in the United States. We have a dependence on oil that makes it increasingly expensive, more polluting, and less efficient,' the governor stated.

'Besides this dismal scenario, the public corporation has had a historically deficient administration that has maintained a virtual monopoly on power generation in Puerto Rico. The maintenance of its infrastructure was practically abandoned over the past decade,' he asserted.

'The Puerto Rico Electric Power Authority (PREPA) has become a heavy burden on our people, who are now hostage to its poor service and high cost. What we know today as the Puerto Rico Electric Power Authority does not work and cannot continue to operate like this.'

Rossell贸 pointed out that, with the Authority as it is, the island cannot face the risks of living in an area that is highly vulnerable to catastrophic events, such as the two most recent hurricanes.

'The Puerto Rico Electric Power Authority will cease to exist as it deficiently operates today. Over the next few days the process will start, through which PREPA assets will be sold to companies who will transform the generation system into a modern, efficient, and less expensive one for the people,' the governor revealed.

The governor also announced that the privatization process will be completed in approximately 18 months.

'It consists of three phases: the first will define the legal framework through legislation. The market will be monitored and the call for companies interested in participating in the transformation of PREPA will be opened. During the second phase, the offers of the companies will be received, and their technical, economic, and financial evaluation will proceed,' he added.

'In the final phase, the terms of awarding and hiring the selected companies that meet the requirements for the transformation and modernization of our energy system will be negotiated.'

Here you can read his announcement.