Puerto Rico selects company to privatize power generation as it struggles to rebuild power gridSAN JUAN, Puerto Rico -- Puerto Rico privatized its electricity production on Wednesday, selecting Genera PR to take over the operation and maintenance of state power generation units in the U.S. territory as part of an initial $22.5 million annual contract. The announcement comes as the island struggles to rebuild its crumbling power grid amid chronic power outages blamed in part on what Gov. Wes Edens, founder and executive director of New Fortress Energy, said Genera PR would begin operating by mid-year. He said power outages are unacceptable and noted that electric bills in Puerto Rico are "simply too high." He also noted that Genera PR will have monopoly power as the sole provider of electricity on the island.
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