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Puerto Rico Lawmakers Seek to Scrap Landmark Power-Grid Contract Over Costs

  • Legislators cite cost overruns by Luma Energy for decision
  • Company defends track record, says it will rein in costs
The Puerto Rico Electric Authority (Prepa) Palo Seco Power Plant in Toa Baja, Puerto Rico.
The Puerto Rico Electric Authority (Prepa) Palo Seco Power Plant in Toa Baja, Puerto Rico.Photographer: Xavier Garcia/Bloomberg

Puerto Rican lawmakers on Tuesday said they will ask local regulatory bodies to cancel a landmark deal that put the island’s ailing energy grid into private hands. 

Luis Raul Torres, the head of the Puerto Rico House Economic Development and Planning Committee, said he will be asking agencies to cancel the long-term contract with Luma Energy, saying the private company is running over budget and failing to deliver promised improvements.