U.S. Fed official recommends Puerto Rico grid start from scratch

New York Federal Reserve Bank President, William Dudley, said that Puerto Rico should “start from scratch” rebuilding its already outdated power infrastructure after deadly Hurricane Maria last year devastated it. The U.S. Fed has authority over the territory. The Hurricane marks the worst natural disaster in 90 years and the largest government bankruptcy in U.S. history.  The Federal Reserve Bank of New York, whose district includes the Caribbean island, said Maria wiped out about 4 percent of its jobs, the fifth-worst among U.S. disaster regions in recent decades. Dudley said it will likely take “many more months” to restore electricity and critical infrastructure to Puerto Rico, adding it was unclear how many of the tens of thousands of residents who fled will eventually return. Given the already outdated and inefficient power plants, he said, “now is a perfect opportunity for Puerto Rico to essentially start from scratch and build a resilient power generation and distribution network.” 

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