Puerto Rico governor says he supports privatizing state power company's electricity production

Puerto Rico's governor says he supports privatizing electricity production in the U.S. territory as officials seek to restructure the island's troubled public power company.

Gov. Alejandro Garcia Padilla told reporters Wednesday that he is fine with the idea of privatization as long as there will be no layoffs at the publicly owned Electric Energy Authority and if it will help lower electricity bills. Puerto Rico's power bills are on average twice that of the U.S. mainland.

Garcia stressed that he still opposes complete privatization of the island's power company.

He spoke just days after officials submitted a restructuring plan to creditors with proposals including public-private partnerships to help rescue a company with more than $9 billion in debts.