As residents grapple with power outages across the entire island, the task of turning the lights back on falls to an electrical utility saddled with rickety infrastructure, workforce reductions and financial troubles so deep it declared a form of bankruptcy in July, the Wall Street Journal reported today. Earlier this month, Hurricane Irma sideswiped the island, knocking out power to about 70 percent of the customers of the Puerto Rico Electric Power Authority (PREPA). The utility had made significant strides in restoring electricity when Hurricane Maria struck on Wednesday, wiping out power to 100 percent of its customers. Ricardo Ramos, chief executive of PREPA, said that it could take months for power to be restored across the island. The prolonged loss of power and disruption to businesses “could delay the economic recovery of the island,” said Rick Donner, vice president and senior credit officer at Moody’s Investors Service. Puerto Rico is contending with a decade-long recession, declining population and $73 billion in debt. A federal board is overseeing its finances, and in May, the island declared what amounts to the largest-ever U.S. municipal bankruptcy.
