January 22, 2018 / 10:18 PM / a month ago

Puerto Rico to sell off crippled power utility PREPA

NEW YORK, Jan 22 (Reuters) - Puerto Rico said on Monday it would sell off its troubled power utility to the private sector, saying in a statement that the process to unload the indebted company could take roughly 18 months to complete.

The Puerto Rico Electric Power Authority (PREPA) has yet to recover fully from the devastation wrought by Hurricane Maria, which in late September knocked out power to the entire island and left all 3.4 million residents of the U.S. territory in the dark.

Reporting by Daniel Bases; Editing by Leslie Adler

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