Power for Puerto Ricans, Not Private Investors
Attempts to privatize the Puerto Rico Electric Power Authority (PREPA), which serves the largest number of customers of any publicly-owned utility company in the US, have escalated after hurricane Maria decimated the island’s electric grid. Prior to the devastation, PREPA filed for bankruptcy earlier this year with $9 Million in debt. The federally appointed Financial Oversight and Management Board is heavily pushing for privatizing the industry, but workers are heavily opposed. The union representing PREPA workers criticized the company for refusing to send repair workers out to fix the grid— a tactic they are using to incentivize private investment in Puerto Rico’s utility sector. In a tweet that garnered widespread recognition, Elon Musk proposed rebuilding Puerto Rico’s grid to be completely renewable through a combination of solar power and batteries. Although many applaud Musks’ proposal, there is concern that his involvement could set the stage for a larger corporate takeover, running the risk that the private companies might leave if the business venture proves to be unprofitable.
See "Power for Puerto Ricans, Not Private Investors", Johanna Bozuwa, Common Dreams, October 24, 2017