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Puerto Rico governor signs measure to revamp oversight of US territory's power company

Puerto Rico's governor has signed a law that aims to revamp the U.S. territory's power company amid complaints of corruption and costly bills.

Alejandro Garcia Padilla said Tuesday that the law also seeks to increase the use of natural gas and renewable energy sources. Puerto Rico currently depends on oil to generate nearly 70 percent of its electricity.

The law calls on the state Electric Energy Authority to review its rates within six months. That idea has been applauded by many in Puerto Rico, where power bills average more than twice those on the U.S. mainland.

A new commission also will be established to oversee the state power agency, which has long been criticized for operating without any type of oversight.