Duke Energy is a finalist for a partnership with the Puerto Rican government to modernize the territory's energy grid.
But lawmakers in Puerto Rico can't agree on how to privatize the electric utility.The island has been struggling to provide consistent electricity since Hurricane Maria hit in 2017. It now wants a private company to help update all of the components from transmission lines to distribution centers.
Duke Energy is one of four finalists that the Puerto Rican government is considering. But leaders in its legislature blocked a bill that would make the partnership possible.
They objected to a provision that would have capped the price of energy at 20 cents per kilowatt hour, saying that’s too low, especially if costs go up. It's also not clear who would be responsible for the utility's debt, which is about $9 billion.
In a statement, a Duke Energy spokeswoman said the review process is lengthy, and the utility is evaluating the next steps.