For a case study in how to run a company into the ground, look no further than the Puerto Rico Electric Power Authority.
The island’s government-owned electric utility has $9 billion in debt, falling sales and rising costs. Its electricity rates for consumers run 2 1/2 times the national average and higher than any U.S. state except isolated, oil-dependent Hawaii. All that money has purchased precious little. The utility’s power plants, with a median age of 44 years, lack pollution controls…