Puerto Rico’s government is proposing lower rates for utilities that are rated junk or near junk, saying savings from fraud reduction, lower oil prices and other measures will make up for lost revenue.

Puerto Rico Gov. Alejandro García Padilla announced Monday that the Puerto Rico Electric Power Authority would reduce its rates by 17% effective the month of May. When a PREPA power plant switches to natural gas in July there may be a further decrease, a source close to the governor said.

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