Canceling the landmark contract that put Puerto Rico’s electric grid under private management is “not on the table,” despite calls to revoke the deal by Nov. 30, Fermin Fontanes, the head of the island’s public-private partnerships agency, told WKAQ 580 radio Thursday, Bloomberg News reported. Luma Energy, a US-Canadian consortium, has been operating the fragile and antiquated grid since June 2021, under a temporary deal intended to allow the Puerto Rico Electric Power Authority, or Prepa, resolve its bankruptcy. That contract expires on Nov. 30. Meanwhile, a judge overseeing Prepa’s bankruptcy has given negotiators until Dec. 1 to come up with a plan to restructure some of its $9 billion in debt. Island legislators have seized on the Nov. 30 deadline to demand the cancelation or renegotiation of Luma’s underlying 15-year, $1.5 billion contract, which is also due to kick in on Dec. 1.
