Now Reading: Puerto Rico watchdog may halt $5.9 billion power deal
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Puerto Rico watchdog may halt $5.9 billion power deal
Puerto Rico's federally appointed financial watchdog (FOMB) said it may revoke a $5.9 billion emergency power contract after a Houston-based company, Enchanted Rock (now ERock), claimed its name and signature were used…
The Story in Brief
Puerto Rico's federally appointed financial watchdog (FOMB) said it may revoke a $5.9 billion emergency power contract after a Houston-based company, Enchanted Rock (now ERock), claimed its name and signature were used without authorisation. The contract was awarded to Power Expectations, a Florida firm with little industrial-scale experience, which listed ERock and Reyes Contractor as partners. The FOMB said it was informed that Flotek Industries would replace ERock. The deal, aimed at providing 400 MW of emergency power, has seen no significant progress in nearly two months since signing, Livemint reports.
The Indian Opinion
The allegations of forged signatures in a $5.9 billion contract naturally invite comparisons to India's own power procurement woes. But the narrative of a reckless private sector misses the regulator's own delays, the contract was submitted six months late and then sat idle for two months. The real test is whether the FOMB will revoke the deal or let Flotek step in, and whether any criminal referral follows.
Source: livemint.com
This story was synthesised by AI from the source linked above.
