A heavily criticized private company that operates the transmission and distribution of power in Puerto Rico secured a last-minute extension on its contract Wednesday despite widespread objections.
Luma, a consortium made up of Calgary, Alberta-based Atco and Quanta Services Inc. of Houston, was initially awarded the contract in June 2021, taking over crumbling infrastructure resulting from decades of neglect and mismanagement under Puerto Rico's Electric Power Authority. "Canceling the contract makes no sense right now," Pierluisi said during a news conference Wednesday, adding, "We all want both LUMA and the Electric Power Authority to improve their performance to have a more stable electric service."
Fermin Fontanes, the authority's executive director, said the reconstruction of Puerto Rico's power grid cannot be stopped.Also backing Luma is a federal control board that oversees Puerto Rico's finances. It issued a statement saying it's aware of the debate surrounding Luma and that customers are entitled to demand improvements.
Luma's contract is expected to remain in place until the bankruptcy of Puerto Rico's power company, which holds some $9 billion in debt, is resolved. It is the largest debt held by any local government agency.
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