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Contract-with-LUMA-Energy-Sets-up-Full-Privatization_Higher-Rates_October-2020
auto-generated 23-Apr-2021
Tom Sanzillo, IEEFA Director of Finance October 2020 1 Contract Between Puerto Rico, LUMA Energy Sets up Full Privatization, Higher Rates for Island Grid Executive Summary The recent agreement between LUMA Energy and Puerto Rico s Public-Private Partnerships (P3) Authority and the Puerto Rico Electric Power Authority (PREPA) for the operation of the transmission and distribution of the island s electrical system should be rescinded. The overall plan for the transformation of the electrical grid

Keywords

operator of the island table ii for ieefa operator under this agreement million in this fiscal agreement with new fortress plan for the commonwealth period when all service prepa as the operator irp by the preb

Sources: IHS Markit

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This section lists the Pathway type, Priority/ function areas, Sectors/ fields of life and People/ roles for the pathway.
Type:   Industry Standards
Priority/ Function Areas:   Business & Industrial
Sectors/ Fields of Life:   Economy-wide
People/ Roles:   Manufacturers  Organizations  Multi-Nationals  Public Companies  Private Corporations
This section lists the Categories, Goals, Measures and Actions included in the pathway.
Categories:   puerto   distribution   million   september   rates   authority   energy   private   company   exhibit   period   fix   oversight   prepa   contract   owner   savings   system   transmission   section   electricity   management   august   budget   partnership   agreement   annex   ieefa   support   public
Profiles:   the report   fy ieefa   the laws   the outlooks   the year   the information   a structure   october contract   the fee   prepa risks   this goal   prepa system   it purpose   this plan   union cooperation   rico leadership   feb parties   this decision   the bureau   the hurricanes   a document   sdeliz appointment   this fee   fy pricing   this provision   the approval   september contract   prepa practices   the company   any agreement   the fomb   the provision   the project   the contract   the inception   the system   s proposal   rico unions   the paths   it execution   the act   the authority   prepa budget   a agreement   the representative   the parties   p contract   each entity   a market   the pandemic   such approach   the sector   the partner   a change   the categories   the basis   a process   the manager   the plan   that requirements   all ieefa   the turnaround   the method   the cost   td operator   the title   fomb staff   the likelihood   the requirements   a party   the unions   the reasons   the agreement   a grid   the owner   it businesses   the expenditure   july contract   this categories   the penalty   the estimates   the funds   a preb   the preb   the period   this level   the goal   the city   the committee   the certificate   viii contract   the law   authority expenditures   the decision   rico system   a provider   the staffs   the coventure   the economy   the executive   the agencies   february contract   a firm   any involvement   the disclosure   a workforce   the agreement142   preb hearings   the settlement   this corporation   march contract   the structure   the time   load rates   the record   the lack   the regulator   the day   the rates   june contract   ieefa letter   ieefa conclusion   a environment   this proposal   the term   the savings   the outlook   the request   cp contract   the agreements   the negotiations   the deal   the courts   the assumption   the actions   a impact   annex system   the amount   no employee   this period   a bailout   this request   the need   the payment   a company   this structure   no jurisdiction   this selection   prepa leadership   the party   august contract   this report   the union   the one   the process   the tag   the round   the availability   the complaint   the resolution   the combination   the letter   the legislature   the agency   a lack   this contract   this agreement   the list   the staff   the charge   prepa plan   a round   the hiring   the administrator   62aii contract   the participation   the irp   the date   the board   the impact   the culture   a arrangement   the problem   no one   the cuts   authority plan
Goals:   use private operator   necessitate conciliation compromise   meet capacity requirements   form statutory basis   approve strategies plans   see compete opportunity   set unqualified regulator   execute implement failure   push own conduct   run liability company   escape debt crisis   monitor complex contract   rebuild recognizes system   lack enforce authority   approve fee payments   provide assist provisions   permit file energy   mean electricity consumption   reflect enduring realities   handle policy imperatives   create facilitybased calculation   meet goals policy   arise related terms   accept unsustainable plan   recognize labor rights   follow fixed fee   invest own equity   accomplish extensive list   leaf safe system   approve budgets rates   afford legacy charge   approve performance metric   give generous provisions   achieve optimal mix   include growing economy   rig final case   p3 public corporation   secure required certificate   invest own capital   cure fundamental defect   complete extensive list   move cost structure   protect benefits wages   develop shares properties   hire parent company   place full cost   set particular goals   sue public agency   pay service fee   face called challenges   repay legacy debt   approve including planning   rescind overall plan   process fixed payments   help government move   ignore professional capacity   maximize permits energy   anticipate fuel savings   use fuel lng   approve new contract   assume service payment   sign allowing order   scrap unethical practices   hire political appointees   give energy authority   prepare related filings   determine functions services   tie fixed payments   recognize largest union   review procurement record   protect existing workforce   disclose public documents   ensure taxexempt status   change ownership structure   meet basic standard   exert rate pressure   ask bankruptcy court   address restructuring order   deliver resilient grid   set broad parameter   prepare financial analysis   jeopardize unqualified regulator   shut electricity system   set higher rates   assume high degree   exclude existing agreement   take corrective actions   meet sustainability standards   protect public interest   produce fy2020 savings   avoid subsequent filing   contemplate interim service   address fundamental problem   establish unsustainable burden   achieve short goals124   issue final order   see other assumptions   achieve affordability workforce   lack monitor ability   enforce include failure   run electricity grid   require monitoring contract   give energy responsibility   submit annual budget   outline public policies   approve annual plan   represent important element   eliminate including protections   play pivotal reviews   create authority p3   oversee utility operation   recognize existing agreement   ensure noted compliance   govern included commonwealth   cost total amount   enforce salaries plan   accept saving programs   set funding procurement   carry request functions   provide weak structure   establish effective program   contain cost benefit   put own money   make substantial investment   operate entire system24   summarize critical ingredient   see final resolution   lower negative growth   set public relations   collect transition charge   collect transition fee   ensure financial reporting   assume relations obligations   send expressing letter   handle key element   modify approved luma   achieve projected savings   establish budget standards   produce procurement report   diminish electoral franchise   secure necessary approvals   handle robust program   achieve required majority   increase identifies payments   offset service fee   use union relationships   address energy goal   launch payment structure   constitute complete privatization   assist successors prepa   take forms arrangements   finance final set   achieve planned savings   transform transmission system   survive fiscal bargaining   require taken attention   employ wide range   seek soon80 luma   execute current menu   cost marginal commitment   implement savings mechanisms   set following structure   face put problems
Measures:   resilient grid   statutory basis   financial performance   initial budgets   plan savings   federal funding   exist conditions   integrate plan   current year   15year term   reasonable costs   exist workforce   current generation   first half   restructure order   first project   additional dollars   individual transactions   followup proceedings   solid workforce   executive director   current use   monthly report   critical functions   internal controls   wide range   annual program   approve luma   supplemental agreement   financial plan   modernization plan   fiscal goals124   form arrangements   complete privatization   full year   certain highhandedness   current conditions   significant plan   annual revenues   imprudent expenditures   own conduct   great reliance   open hostility   prolong period   potential avenues   high arrangements   public documents   certify plan   rapid disaster   negative growth   relate filings   iii approvals   new plan   soon80 luma   operational measures   irp luma   significant compendium   economic growth   additional provisions   potential customers   equity investment   final order   continue failure   fiscal year   annual payments   luma period   longterm agreement   own analysis   complex contract   ongoing savings   extensive study   current structures   procedural grounds   new projects   propose deal   luma payments   annual savings   cost structure   payable fee   remedial action   governmental prohibitions   large businesses   apparent step   estimate fee   integrate resource   local government   luma impact   economic consultant   front end   public report   electric workers   debt deal   governmental approvals   several realities   annual management   fund contributions   follow structure   persistent poverty   public information   professional team   storage systems   first comptroller   above resolution   plan compliance   select drivers   operational plan   necessary approvals   cumulative savings   new fees   partnership committee   necessary capital   political patronage   separate agreements   principal contract   ineffective watchdog   longterm debt   continuous community   rigorous program   unethical practices   transparent manner   obvious lapse   critical element   open manner   interim goals   title approvals   endure realities   identifiable performance   democratic leaders   technical safety   fiscal plan   many rates   bargain agreement   adequate documentation   concerted action   long history   see discussion   debt burden   press dilemmas   renewable goal   saving number   objective assessment   round fees   heavy reliance   new system   title filing   bad contracting   public assistance   broad authority   public corporation   specific menu   great reductions   long period   economic condition   transition charge   legislative goal   necessary analysis   partnership terms   public infrastructure   certify budget   initial increase   first tasks   vary rates   outstanding obligation   additional staff   unique issues   substantial changes   uniform process   major generation   public sector   policy procurement   fail agreement   direct impacts   specific targets   repair restoration   new revenue   nonsettling creditors   responsible leadership   rig testimony   adversarial relationship   acute stress   sovereign current   exist plan   several boards   electoral franchise   current menu   private operator   integrate resources   electricity grid   backup plan   recent growth   fiscal year125   preb reviews   strong oversight   stark contrast   general office   public facility   last year125   final year   operational authority   effective date   subsequent revisions   public policies   full payment   labor rights   limit constraints   involve parties   first agreements   fiscal bargaining   global fund   privatize operators   difficult issues   key flaw   major contract   extensive list   clean energy   unreliable monitor   facilitybased calculation   equal installments   such efforts   legislative approval   require certificate   payment structure   difficult task   broad parameter   electric transmission   approve plan   great spending   local leaders   public policy   fiscal condition   fix payments   middle class   nonrenewable system   same families   outstanding debt   more consultants   grid plan   certain classes   regulatory environment   large part   political appointees   employee rights   relate plans   basic provisions   actual budget   critical ingredient   small fee   good salaries   estimate levels   new round   specific provisions   original proposal   fiscal practices   financial situation   regulatory matters   atcoled consortium   new company   administrative benchmarks   superior fashion   iii filing   initial company   unionize workforce   operational reform   save programs   selfinflicted wound   complete description   operational failure   fomb fees   regulatory jurisdiction   legacy debt   high fees   initial payments   new operators   burden luma   les measure   third restructuring   public goals   monitor contract   financial plan120   publicprivate partnerships   exist agreements   renewable energy   prior years   service payment   future eligibility   new practices   upward pressure   direct impact   annual budgets   prior year   cash investment   human resources   administrative challenges   exist budget   preparatory functions   poor utier   luma responsibility   distress communities   investigative report   environmental conditions   optional requirement   optimal mix   professional capacity   quantum services   collective bargaining   certain benefits   renewable capacity   exist rights   womenowned businesses   public standards   fundamental defect   robust program   necessary actions   own equity   year expenditures   annual report   luma services   weak point   total amount   saving initiatives   imprudent costs   current organization   successful execution   federal permit   baseline current   rural areas   negative impacts   procurement record   shrink employees   certify plan120   financial options   full cost   fiscal savings   likely event   electricity rates   distress situation   additional payment   financial structures   procurement report   unsound decision   conflictoriented approach   operation agreement   overall plan   ethical conduct   governmental body   various parties   capacity requirements   illustrative performance   energy responsibility   operational costs   public nature   additional payments   policy programs   electric power   exist unions   plan objectives   socioeconomic impacts   term agreement   centralize generation   recent agreement   initial term   operational functions   substantive approach   annual basis   unsound practices   privatesector partner   effective program   monitor program   exist rules   gross product   luma authority   large legacy   lead consultant   political employees   function services   sound method   full privatization   good asset   fund procurement   fiscal crisis   legislative assembly   atrisk investment   public relations   administrative tasks   new team   commission permit   operational policy   contractual obligations   large costs   union relationships   important element   territorial status   lifethreatening conditions   statutory goals   legal framework   regulatory structure   substantial investment   effective penalty   first year   governmental instrument   additional expenditures   central tenets   technical services   exist seniority   operational goals   unreasonable reductions   key element   electrical grid   new plans   regulatory hearings   basic analysis   new letter   administrative functions   financial standards   new grid   battery systems   governmental organizations   regulatory program   annual plan   cost mechanisms   organizational resources   federal projects   major procurements   first years   non compliance   luma energy   administrative mechanisms   trustbuilding agreements   follow arrangements   exist strengths   public interest   qualify contract   reliable system   basic information   wasteful parts   municipal bond   consistent period   public authority   new costs   careful contract   low growth   additional capacity   vague goals   prepa plan   diversify company   costly parts   average fee   final case   transition fee   public agency   easy termination   excessive burdens   cost benefit   good faith   current obligations   typical contracting   weak controls   procurement process   solar capacity   public service   solar energy   private parties   efficient delivery   current debt   fossil fuels   private company   positive jurisdictions   realtime calculation   new assignments   public participation   public structures   consistent employees   fee structure   unnecessary reductions   private corporation   full discussion   fomb dollars   affordability workforce   executive summary   additional income   prepa deal   exist arrangements   third agreement   unsustainable burden   specific initiatives   detail expenditures   full rates   saving mechanisms   financial plans   fix fee   broad buildout   additional services   parent company   outdate gas   interlock set   longterm relations   own money32   measurable initiatives   unsustainable plan   democratic institutions   affordable grid   extensive review   bias process   bankruptcy approvals   postexpenditure reviews   viable deal   overall rationale   electrical infrastructure   renewable grid   poor management   high order   unspecified form   budget standards   certain circumstances   restructure agreement   ownership structure   critical contracts   negative phase   unqualified appointees   central component   high degree   incentive payments   fiscal monitor   current budget   historic inability   citys bonds   great participation   vest rights   final report   federal dollars   federal laws   basic functions   principal goals   significant expenditures   annual fee   few options   energy contract   add expenses   prior administrations   overall management   electricity system   partnership arrangements   temporary diminution   monthly basis   little relationship   certain practices   specific goals   sustainable economy   interim service   generation mix   current capitalization   fy2020 savings   policy procedures   limit capacity   first review   new managers   financial restructuring   weak structure   project expense   elect leaders   sufficient substance   allin price   own money   exist organizations   various initiatives   fee payments   expenditure ieefa   subsequent filing   nowunspecified agreement   formal structure   many arrangements   current design   labor protections   energy system   update plans   market capitalization   energy workforce   clean future   unionize workers   additional periods   entire apparatus   renewable goals   future processes   current status   legacy charge   large union   professional competence   ongoing reports   electricity consumption   new energy   global company   fiscal problem   estimate mortality   sporadic income   limit liability   finance options   retire debt   typical partnership   entire system24   distinct periods   hourly rate   service fee   safe system   financial management   approve irp   unfair practices   grow economy   renewable energy54   actual expenditures   net savings   downward revisions   marginal commitment   power procurement   significant role   separate payments   collective agreements   independent entity   significant variance   les consumption   debt crisis   health plan   exist prohibitions   significant changes   diverse economy   natural gas66   new agreement   substantial risk   critical workforce   fiscal recovery   hypothetical price   domestic product   electric system   natural gas   approval authority   specific reference   new funding   competitive bidding   gubernatorial leadership   new programs   estimate impact   public services   salary benefits   budgetary goals   relation obligations   generous provisions   current plan   responsible level   proprietary obligations   joint venture   straight line   taxexempt status   new analysis   combine capitalization   inadequate capitalization   common ingredient   large fee   current chairman   hold company   unsustainable rates   financial matters   last year   corrective actions   increase deferrals   great odds   jurisdictional conflict   annual budget   successful completion   hire favoritism   excessive payments   few mechanisms   subcontractor section   illustrative example   add expense   available standards   structural problems   numerous studies   private enterprise   current rate   labor costs   high rates   constant attention   incentive preb   federal funds   fortress contract   financial analysis   exist agreement   independent oversight   future service   expensive fuel   considerable amount   debt practices   operational savings   immediate challenges   bankruptcy court   renewable system   oversight proceedings   new companies   first target   luma contract   additional ratepayer   local institutions   basic standard   own capital   pursuant contractor   future proceedings   upgrade plant   utility operation   absent penalties   fiscal distress   energy goal   actual savings   electrical system   supplemental terms   certain protections   relate services   excess mortality   increase productivity   new contracts   performance metric   pivotal reviews   short goals124   fundamental problem   final set   regulatory institutions   administrative action   initial amount   additional fees   salary plan   questionable contention   15th anniversary   several problems   rate pressure   several parties   sustainability standards   private capital   budgete expenditures   public face   industry finance   unqualified regulator   hydroelectric coal   oversight structures   saving target   monopoly control   current irp   final resolution   similar industry   particular goals   prepare agencies   weak companies   liability company   next phase   new contract   fuel savings   contract provisions   policy imperatives   current price   enforcement action   backward step   senior positions
Actions:   assume degree   achieve majority   set energy   include compliance   diminish franchise   certify savings   decrease chances   see resolution   align planning   plan energy   deposit months   file budgets   correct it   provide justification   exceed million   assume obligations   restructure debt   summarize failure   require it   ignore tenets   achieve goals124   calculate savings   grow economy   provide 100   cite need   jeopardize regulator   top plan   see letter   raise families   luck contract   create control   establish proceedings   retain consultants   use operator   represent owner   accelerate transition   afford them   determine services   establish program   have jurisdiction   pass act   move grid   assume closing   review irp   add expenses   run company   seek luma   necessitate compromise   inform investors   set background   leaf system   engage section   collect charge   show cause   avoid conflict   provide restoration   lose job   require benefits   enforce compliance   reimburse luma   handle element   buy bonds   judge performance   ignore luma   give provisions   create system   commence intent   address order   achieve cents   impose duty   express approval   accomplish list   create calculation   include areas   assist prepa   ensure development   rate plan   pas them   exclude unions   kill wellunderstood   include reimbursement   approve plan   put amount   provide scope   represent element   asses efforts   provide information   require attention   offer definition   set survival   promote expansion   approve progress   overlook workers   performance authority   achieve savings   surround privatization   enforce failure   set process69   protect workforce   reduce services   canceled some   take actions   submit ranking   put savings   secure approvals   compare them   complete host   secure approval   give responsibility   launch structure   prevent ieefa   support s   see industria   monitor initiatives   disclose documents   execute failure   invest any   rebuild system   hire company   cover workers   support role   affect outcome   use expenditures   extend fees   last months   use companies   incentivize luma   claim savings   set qualification   collect fee   give authority   add savings   eliminate protections   ensure compliance   cure defect   put money   develop properties   outline process   release all   accept plan   require prepa   facilitate development   responsibility calculation   pose issue   complete list   may p   conduct business   add costs   run contract   establish burden   exceed number   handle imperatives   reject deal   push conduct   undermine ability   p3 corporation   operate transmission   oversee finances   invest capital   cover costs   ensure safety   perform services   include savings   lack ability   offset fee   use rate   provide citizens   push budget   secure certificate   send letter   meet standard   enter agreement   reimburse it   push rates   address type   hire luma   set parameter   assume payment   see opportunity   enforce contract   review decisions   recused himself   commence luma   increase payments   repay debt   resolve risk   associate failure   cover expenses   finance set   provide financing   monitor problem   face conditions   face challenges   transform system   support path   meet standards   identify energy   see section   process payments   achieve mix   transform prepa   clarify avenues   pay partner   help move   prepare analysis   bear relationship   set stakeholders   pursue agreement   report reviews   use employees   implement mechanisms   equal 22   establish procedures   assume responsibility   need permit   produce report   release rfp   deliver gas   support infrastructure   approve planning   make investment   receive expenditures   place cost   identify brotherhood   raise capital   wage deferrals   select entities   award quanta   assume load   see assumptions   require contract   constitute reduction   invest equity   recognize agreement   sell portfolio   achieve goals   review reviews   keep rates   sign order   prevent favoritism   determine direction   assume plan   enforce plan   bind prepa   see ieefa   investigate practices   request information   set relations   meet challenge   improve expenditures   pay fee   offer mix   meet policy   calgarybased ltd   modify luma   gain access   handle program   use lng   carry functions   pay half   ensure overbuilding   spend elimination   see discussion   reinvigorate system   contemplate service   address problem   tie payments   generate savings   serve authority   raise dollars   run grid   may 2020   establish goal   put any   deliver grid   establish rates   recognize rights   include section   usher expertise   provide provisions   may 15   perform some   ensure reporting   follow fee   establish luma   prove agreement   secure deal   use relationships   restore authority   certify plan   employ range   use income   recognize union   protect interest   set goals   prepare filings   approve payments   require million   adopt plans   align contract   address goal   proceed penalties   pay luma   address issue   summarize ingredient   reach view   move structure   validate claims   offer scenario   set procurement   ensure terms   productivityenhancing measures   achieve million   affect creditors   monitor contract   contain benefit   prohibit energy   lower growth   file claims   challenge conditions   exert pressure   change structure   rig case   create price   include it   asses structure   provide documentation   commit contributions   require action   reflect realities   materialize eventuality   miss target   permit energy   support restoration   govern deployment   outline policies   arise terms   protect wages   take arrangements   ask court   identify scope   cost commitment   rescind plan   play reviews   include economy   save million   complete work   award contracts   attract operator   rebuild grid   govern commonwealth   create p3   support goal   drive price   face problems   report page   reconstruct rates   support laws   achieve contract   include representatives   may contract   pay million   approve rates   meet goals   require luma   guarantee flow   oversee operation   support energy   accept programs   enforce them   contradict arrangements   finance 2550   set agreement   pay some   include approval   propose series   risk money   submit proposals   approve operations   sponsor services   place inclusion   cost amount   recommend luma   lack structure   include million   set structure   contain provisions   seek increases   set rates   place lng   summarize fomb   make mention   lose savings   maintain system   detail rights   retain ownership   produce savings   ensure status   lack authority   require company   borrow money   provide structure   survive bargaining   submit budget   penalize waste   afford charge   increase use   include genco   anticipate savings   give share   restrict flow   replace prepa   see 45q   constitute privatization   replace luma   support privatization   low debt   weaken control   push prices   manage transition   form basis   file changes   hire appointees   improve controls   approve metric   make that   reduce costs   set regulator   take place   teach finance   achieve workforce   achieve goal   make reference   achieve price   strike contract   take menu   sue agency   enter fees   approve contract   spend money   see basis   establish standards   establish programs   designate luma   require payments   file that   recognize problem   examine issues   provide time   scrap practices   owe million   escape crisis   perform responsibilities   raise issue   operate system24   exercise all   avoid filing   anticipate support   face odds   ignore capacity   exclude agreement   establish price   take action   provide services   issue order   approve plans   restate agreement   maximize energy   provide support   select energy   see pp   meet requirements   insert number   manage issues   bring poverty   plan irp   publicprivate partnerships   complete task   see need   provide access   grant sdeliz   exhibit b   set centskwh   award contract   track savings   perform structures   identify billion   acknowledge problem   review record   serve rico   include mix   send approval   execute menu   mean consumption   shut system   require alteration
This section lists the details about pathway-specific attributes.