Prepa

LUMA Energy welcomed the Executive Order of Governor Pedro R. Pierluisi to create a Steering Committee to bring focus to the operation and maintenance contract for the Puerto Rico electrical system that the company signed with the Electric Power Authority (PREPA) and the Authority for Public-Private Partnerships last June.

“We are pleased that Governor Pierluisi has formed this working group to ensure that the main objective of the agreement, the transformation of Puerto Rico's electrical system into a customer-centric, reliable, sustainable, and affordable one, is met. Transparency is a fundamental value for LUMA, especially because a better electricity system will improve the lives of all Puerto Ricans, and we intend to collaborate with the Committee in its task of safeguarding the best interests of the people of Puerto Rico,” said Wayne Stensby, President and CEO of LUMA Energy.

According to Executive Order 2021-012, the Committee will ensure that the contract does not result in the dismissal of PREPA employees, that said employees can maintain their benefits, that the required contributions are made to PREPA's Retirement System for those employees who decide to continue contributing to that plan once hired by LUMA, and that the electricity rate is not increased.

Stensby said LUMA is in the process of recruiting thousands of employees to achieve the comprehensive transformation of the island's electrical system. To that end, PREPA employees are receiving priority in recruitment and can currently apply for roles at LUMA prior to others. No PREPA employees will lose their jobs as a result of this transaction. Those who do not join LUMA will have the choice to stay with PREPA, or transfer to other government agencies within Puerto Rico.

This framework is established in Act 120, and the agreement does not and cannot attempt to change that law. Those employees will also retain their rights and benefits in accordance with the law.

He also said that employees who move to LUMA may choose to continue contributing to PREPA's retirement plan or enroll in the 401K plan that LUMA offers its employees.

LUMA employees will have access to additional benefits, including medical plan with pharmacy, vision and dental coverage, disability insurance and life insurance, paid in full by the company.

Regarding the electricity rate, LUMA clarified that, as established by the Puerto Rico Energy Transformation Law, it is the responsibility of the Puerto Rico Energy Bureau to evaluate, set and approve the electricity service rates paid by consumers in Puerto Rico.

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