Published: Sat, October 07, 2017
Markets | By Noel Gibbs

Elon Musk, Puerto Rico talk possibility of Tesla rebuilding its power grid

Elon Musk, Puerto Rico talk possibility of Tesla rebuilding its power grid

"Puerto Rico could be that flagship project", Rossello tweeted.

With Puerto Rico now relying on half its energy from importing and burning oil, while the rest comes from natural gas and coal, its inhabitants are having to pay high monthly bills for the utility.

Scott Stapf tweeted a link to the Earther article, theorizing that perhaps Elon Musk and Tesla could be an important part of Puerto Rico's new energy infrastructure.

Tesla has already been lending a hand to Puerto Rico as it sent hundreds of its Powerwall battery systems that aid the use of solar panels.

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Musk, the CEO of electric-car maker Tesla, suggested his company's solar power unit could be a long-term solution.

Earlier this year, Musk wagered via Twitter that Tesla could install the world's biggest battery project in Australia within 100 days, or else it would be free.

Millions of Puerto Ricans are living in the dark at home after Hurricane Maria pummeled the island, knocking out its already fragile electric grid. In mid-September, as Hurricane Irma bore down on Florida, Tesla pushed out a software update that increased the battery capacity for some of its electrical cars that extended their range by unlocking extra battery power.

"@elonMusk Let's talk. Do you want to show the world the power and scalability of your #TeslaTechnologies?". That's not bad in a domestic setting, but could be quickly devoured in Puerto Rico.

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Tesla Inc shares were trading at $354.01 per share on Friday morning, down $1.32 (-0.37%).

As Musk mentioned in his tweet, Tesla has some experience building solar energy grids in countries facing power shortages.

A microgrid array consisting of 5,328 solar panels powers Ta'u Island in American Samoa. The price of Puerto Rico's general obligation bonds fell more than 30% the next day. Musk in June quit two of Trump's business advisory councils after the president announced that he would pull the US out of the Paris climate agreement.

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