Board approves 750 million for LUMA contract reserve accounts

On May 13, 2021, El Nuevo Día reported, by Joanisabel González, that the Financial Oversight Board (JSF) would amend the central government budget to assign about 750 million to the reserve accounts and funds required to implement the LUMA Energy contract as operator of the electric grid and customer service of the Puerto Rico Electric Power Authority (PREPA/AEE).

According to the accessible kicker of the primary, the fiscal body voted unanimously for that budget amendment “to comply with the agreement.” The lede notes that the Board exercised powers above Puerto Rico’s elected officials in making that reserve assignment.

This desk does not invent the breakdown of the reserve accounts, the prior legislative process or annual compensation figures for LUMA that are not in the accessible text: the rest of the body sits behind a subscription paywall.

Assigning reserves is not disbursing to LUMA as an operating payment. Amending the budget is not a court ruling.