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Concept
LUMA Energy
Summary
LUMA Energy is the power company responsible for power distribution and power transmission in the Commonwealth of Puerto Rico. They are also in charge of maintaining and modernizing the power infrastructure. Previously, these duties belonged exclusively (according to the law) to the Puerto Rico Electric Power Authority (PREPA, Spanish Autoridad de Energía Eléctrica, AEE), but as of July 20, 2018, permission was granted for PREPA assets and service duties to be sold to private companies, and on June 22, 2020, a 15-year contract with LUMA was signed, making LUMA the new operator. The takeover took place on June 1, 2021.
LUMA Energy was registered in Puerto Rico's Registry of Corporations and Entities on January 17, 2020, under the name LUMA Energy ManageCo, LLC. The name was changed to LUMA Energy, LLC. as of June 12, 2020. The company is a joint venture between Houston company Quanta Services Inc. and Alberta, Canada company ATCO. Both companies have an equal share in LUMA, which was built with the express purpose of managing Puerto Rico's power grid. LUMA Energy is currently presided by CEO Wayne Stensby.
The contract under which LUMA Energy operates the power grid in Puerto Rico was signed after a bid in 2020. In the bid, five different companies participated and only four submitted business proposals. The $1,500M contract is set to last for 15 years and can be renewed if both parties agree.
LUMA Energy officially became the new operator for Puerto Rico's power grid on June 1, 2021. LUMA is in charge of operating the distribution and transmission infrastructure, although they do not own it, nor do they own or operate the power generation sector. The takeover happened as part of an agreement with Puerto Rico's Public-Private Partnership Agreement in an effort to overcome PREPA's bankruptcy.
As part of the company's takeover, a new online platform was made available. The platform was meant to seamlessly allow the hand-over of online services, including bill payments and outage report submissions.
Official source
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