The Institute for Energy Economics and Financial Analysis (IEEFA), a non-profit focused on energy markets and policies, released a report on October 12, 2020 that concluded that the service contract LUMA Energy, a consortium of Houston-based Quanta Services and Calgary-based ATCO, signed to operate Puerto Rico's electricity grid will likely result in electricity prices that fail to meet legislative goals and could keep Puerto Rice from reaching its 100% renewable energy target by 2050.[1][2] In June 2020, LUMA was awarded the Puerto Rico grid contract to manage the Puerto Rico Electric Power Authority’s (PREPA) energy transmission and distribution.

The report found that the LUMA contract will create electricity prices of around $0.30/kWh compared with the island's goal of $0.20/kWh. The IEEFA report cites several other issues with the contract including potential financial problems with the two companies, encouragement of natural gas, lower transparency, sidelining of union collective bargaining agreements, and lower accountability to the public. The report argues that the contract will essentially privatize the functions of PREPA. IEEFA concluded that the contract should be canceled because it will not benefit the island.

[1] https://ieefa.org/ieefa-luma-energy-deal-paves-way-for-puerto-rico-regulators-to-repeat-past-mistakes/

[2] https://ieefa.org/wp-content/uploads/2020/10/Contract-with-LUMA-Energy-Sets-up-Full-Privatization_Higher-Rates_October-2020.pdf