• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 3 hours U.S. Shale Oil Debt: Deep the Denial
  • 17 hours Satellite Moons to Replace Streetlamps?!
  • 1 day EU to Splash Billions on Battery Factories
  • 14 hours The Dirt on Clean Electric Cars
  • 50 mins Why I Think Natural Gas is the Logical Future of Energy
  • 11 hours Owning stocks long-term low risk?
  • 5 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 35 mins Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
Is There Too Much Light Crude On The Market?

Is There Too Much Light Crude On The Market?

Light crude typically sells at…

What’s Behind The Drop In Asian LNG Prices?

What’s Behind The Drop In Asian LNG Prices?

Asian LNG prices tanked on…

Puerto Rico Scraps $300M Power Grid Deal With Whitefish Energy

Powerlines

The Puerto Rico Electric Power Authority (PREPA) will cancel a US$300-million deal with Montana-based Whitefish Energy for restoring the power after Hurricane Maria hit the island, following criticism over the way the tiny Montana firm obtained the contract.

The deal has been criticized by Puerto Rican officials and U.S. federal authorities after details emerged that the terms of the deal had not been obtained through competitive public bidding.

Puerto Rico’s Governor, Ricardo Rosselló, asked on Sunday the electricity authority to cancel the contract with Whitefish Energy.

“Following the information that has emerged, and with the goal of protecting public interest, as governor I am asking government and energy authorities to immediately activate the clause to cancel the contract to Whitefish Energy,” Rossello said in a statement, as carried by Reuters.

Ricardo Ramos, director of PREPA, said later on Sunday that he had accepted the recommendation of Governor Rosselló to cancel the deal.

On Saturday, Govenor Rosselló had requested the Office of the Comptroller to investigate and audit the contracting process of Whitefish by PREPA.

Related: How Many Barrels Of Oil Are Needed To Mine One Bitcoin?

According to PREPA’s Ramos, the terms of the contract stipulate that the cancellation of the contract with Whitefish become effective 30 days after notice.

Following the move by Puerto Rico to cancel the contract, Whitefish Energy said in a statement on Sunday:

“We are very disappointed in the decision by Governor Rosselló to ask PREPA to cancel the contract which led to PREPA’s announcement this afternoon. The decision will only delay what the people of Puerto Rico want and deserve – to have the power restored quickly in the same manner their fellow citizens on the mainland experience after a natural disaster. We will certainly finish any work that PREPA wants us to complete and stand by our commitments knowing that we made an important contribution to the restoration of the power grid since our arrival on the island on October 2.”  

Not even one day after Puerto Rico's canceled its controversial $300 million contract with Whitefish Energy, the WSJ is reporting that the FBI is now looking into the circumstances surrounding the contract.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News