Puerto Rico's power grid failed again this week, with nearly 1 million people entering a third day of blackout.

Puerto Rico's electricity system was decimated by Hurricane Maria in 2017, triggering the world’s second-longest blackout. Emergency repairs were made at the time, but the reconstruction and essential work to modernize the island’s antiquated electric grid has not yet begun.

Five years later and modernizing the power grid hasn't even begun!?! What have they been doing this whole time? The article hints at that a few sentences later.

Luma Energy, the Canadian-American private company that took over Puerto Rico’s power transmission and distribution last year, have said their crews have been working nonstop to restore the service...
The massive outage has enraged Puerto Ricans who already pay almost twice as much as customers in the U.S. mainland for unreliable electricity.

So I did a quick Google search and it turned up this WashPost article.

A phalanx of armed deputies wearing bulletproof vests descended on the corporate offices of the company hired to fix Puerto Rico’s antiquated power grid. They were looking for Luma Energy chief executive Wayne Stensby, who had been labeled a fugitive by local lawmakers for refusing demands to turn over documents related to the company.

The contract that granted Luma Energy a monopoly in Puerto Rico was signed behind closed doors and announced only after the fact.
I'll get back to Luma in a moment.

In January, Puerto Rico emerged from bankruptcy, it's debt burden dramatically slashed. Or so it was reported.

The exit was a priority for the board and Jaresko, who previously announced she is retiring April 1. A replacement has not been named yet. The board is expected to remain in place until Puerto Rico has four consecutive balanced budgets, a feat that has yet to be achieved.

The debt restructuring plan was approved by a federal judge in January. It reduces claims against Puerto Rico’s government from $33 billion to just over $7.4 billion, with 7 cents of every taxpayer dollar going to debt service, compared with 25 cents previously.

“This is a transcendental moment,” said Gov. Pedro Pierluisi. “The plan is not perfect ... but it has a lot of good things.”

There are several red warning lights in these few sentences. For starters, Puerto Rico didn't enter bankruptcy with just $33 Billion in debt. It entered bankruptcy with $129 Billion in debt. So what happened to the other $94 Billion?
For starters at least $10 Billion was wiped out from public pensions, so working people paid that. And then they replaced defined benefit pensions with 401K plans. So retirees directly paid for the bulk of the written off debt.
One thing is for certain, is that Wall Street got taken care of. The people of Puerto Rico paid some $1 billion in fees to consultants and lawyers.
To put this into perspective, consider the levels of poverty and that these are American citizens.

Forty-five percent of the population subsist below the poverty line, including over 50 percent of Puerto Rican children. One third of adults report food insecurity, while one fifth report missing meals because of lack of money.

But that's not all. You see, that $33/$7.4 Billion number is meaningless, because it doesn't include all of the debt.

Still unresolved are the bankruptcy proceedings for the $5.8 billion in debt held by Puerto Rico’s Highways and Transportation Authority and the Electric Power Company, which owes $9 billion, the largest debt of any government agency.

So nearly $15 Billion in debt wasn't even being talked about in this article. Even that hides the amount of financial gimmickry being done here.

The plan to restructure the Puerto Rico Electric Power Authority (PREPA)’s debt is moving toward ultimate adoption...
The Federal Oversight and Management Board for Puerto Rico (FOMB) rejected a prior deal in 2017 that was very similar to this one, because the economy of Puerto Rico could not afford it.
...
The Biden Administration has promised at least $12 billion to rebuild the grid. This significant sum could go a long way toward rebuilding the island’s power grid... It seeks to require utility customers to repay bondholders for $8.2 billion of legacy debt. The deal imposes a new layer of debt service in the form of a significant rate increase, starting at 2.7 cents/kWh and escalating to 4.6 cents/kWh over four years. By imposing new debt service to pay off old debt, the PREPA debt deal would cancel out any benefit from the federal funds, forgoing the opportunity to create a financially sustainable and functional electrical system.

Instead of using federal funds to build a stronger power system, PREPA would in effect use the money to pay off the bondholders.

Around 11% of the people of Puerto Rico have left the island just since 2017. This exodus keeps the debts locked in at unsustainable levels. They need people.
So what the predatory neoliberals have done is to cut taxes for anyone wealthy enough that capital gains taxes are a big deal. In other words, they want trickle-down economics to save them.

What Puerto Rico is to the United States is what Greece is to Europe. A land of unpayable debt peonage, where the creditors have total control, and the news media pretends that the problem has been fixed.