Puerto Rico extends Luma Energy contract despite concerns over power outages

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Puerto Rico extends Luma Energy contract despite concerns over power outages
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The temporary contract was approved despite worsening power outages that prompted the U.S. government to intervene this month and start securing barges and land-based generators to ease blackouts.

The events resulted in Puerto Ricans calling for the cancellation of Luma Energy's contract.

The contract states Luma Energy will be paid some $122 million next year, up from the $115 million it has received so far. Pierluisi attributed the increase to inflation costs. Luma Energy's provisional contract will remain in place during negotiations to restructure the power authority's debt.

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