Puerto Rico announces privatization of power utility

Puerto Rico Gov. Ricardo Rosselló announced Monday that the commonwealth will begin privatizing the Puerto Rico Electric Power Authority, or PREPA.

In comments published on Twitter, the governor said the assets sale would transform the island's power generation system into a "modern" and "efficient" one that would be less expensive for citizens.He said the system operates "deficiently" and that the improved infrastructure would respond more "agilely" to natural disasters. The privatization process will begin "in the next few days" and occur in three phases over the next 18 months, the governor said.