Several companies could be affected by a widespread power outage Tuesday in Puerto Rico.
What Happened: Only around 12% of Puerto Rico's residents currently have electricity, according to Luma Energy, the power company servicing the island.
In a post on X, Luma Energy said the outage began at 5 a.m. on Tuesday and resulted from "a fault on an underground line." The company gave an estimate of 24 to 48 hours for power to be restored.
— LUMA Puerto Rico (@lumaenergypr) December 31, 2024
Declaraciones (8:30 a.m.): LUMA activa operaciones de emergencia para restaurar la energía después de un apagón en todo el sistema
LUMA ha activado su Centro de Operaciones de Emergencia y actualmente está trabajando con Genera y demás colaboradores de generación para reiniciar...
Power outages in Puerto Rico, a U.S. territory, have become more prevalent in recent years after Hurricane Maria weakened the island's electrical grid. The territory controversially privatized energy generation in 2023, giving control of power operations to Genera PR.
Puerto Rican Governor Pedro Pierluisi voiced displeasure with the companies' handling of the outage in a post on X.
"We are demanding answers and solutions from both LUMA and Genera, who must expedite the restart of the generating units outside the fault area and keep the people duly informed about the measures they are taking to restore service throughout the Island."
Companies Affected: LumaEnergy is a joint venture between Quanta Services Inc (NYSE:PWR), an American infrastructure company, and ATCO, a Canadian company. Genera is a subsidiary of New Fortress Energy Inc (NASDAQ:NFE).
Several other publicly traded companies have operations in Puerto Rico.
Financial services companies Popular Inc (NASDAQ:BPOP), OFG Bancorp (NYSE:OFG) and First Bancorp (NYSE:FBP) service the island. Financial technology company Evertec Inc (NYSE:EVTC) is based in San Juan.
Medical supply company Baxter International Inc (NYSE:BAX) manufactures MINI-BAG and MINI-BAG Plus container systems in Puerto Rico. Honeywell International Inc (NASDAQ:HON), a manufacturing conglomerate, also has operations on the island.
Since Tuesday is New Year's Eve, companies may be less exposed to the outage, as operations may have wound down due to the holiday. Still, repeated outages may prove harmful to Puerto Rico's economy.
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