Puerto Rico will sell utility PREPA

On Monday, Puerto Rico announced that they will sell the badly damaged utility, PREPA in the next 18 months. Puerto Rico Governor Ricardo Rossello said he’s moving to privatize the insolvent Puerto Rico Electric Power Authority, the largest U.S. public power utility by customers and revenue. The government will begin the process by passing legislation to establish a legal framework. Governor Rossello made the announcement in a televised address, suggesting that this move would bring investment back to the island in order to be prepared for future natural disasters. “The Puerto Rico Electric Power Authority does not work and cannot continue to operate like this,” Rossello said, addressing the camera from a desk flanked by American and Puerto Rican flags. “With that Prepa, we cannot face the risks of living in an area of high vulnerability to catastrophic events.”