“If this is not disaster economics and this is not setting the stage for commercialization of services that are there to promote equality, I don’t know what is.”
As nearly 250,000 Puerto Ricans remain without power five months after Hurricane Maria struck the island territory—the longest blackout in U.S. history—the Puerto Rico Electric Power Authority (PREPA) said Sunday it will reduce its operating reserve to save money, as the island’s government moves toward privatizing the authority.
A federal judge denied PREPA a $1 billion loan over the weekend, saying the authority could not prove it needed the additional cash injection. The company will now reduce its reserve by 450 megawatts, saving $9 million per month but likely resulting in more power outages. Continue reading