Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
Luma tells lawmakers it deposited all customer payments to AEE accounts, blames transfers for layoffs and reduced night crews
Loading...
Summary
Luma President Juan Saca told a House committee Luma deposits 100% of collections into AEE accounts and that transfers back to Luma have been insufficient; he said shortfalls forced about 160 layoffs, temporary limits on night crews and that Luma needs AEE cooperation to reach recovery and restore services.
Juan Saca, president and CEO of Luma Energy, told the House Committee on Government on Oct. 28 that Luma has deposited “100 percent” of customer collections into accounts the Autoridad de Energía Eléctrica controls and that the operator’s financial squeeze stems from insufficient transfers out of those accounts.
“Respecto a los cobros de Luma... el 100 por 100 de los dineros que cobramos se depositan en las cuentas de la autoridad de energía eléctrica,” Saca said in his opening remarks. He asked the committee to reconcile why monthly transfers to Luma have dropped “from two‑thirds to one‑third” since August 2024 and to explain the calculation used to authorize monthly disbursements.
Saca cited contract provisions requiring AEE to maintain liquidity (the OMA reserve equal to approximately four and a half months of operating budget) and said those levels have not been met. He told lawmakers that, while AEE made a October deposit of about $77 million, the contract minimum is roughly $335 million for the reserve; he described the October deposit as “adjusted to the monthly budget” but not sufficient to cover accumulated obligations.
Saca also described operational consequences: Luma temporarily rationed nighttime crew dispatches by implementing a 1,000‑customer threshold for automatic dispatch, then reversed that limit after government request; Luma also carried out layoffs that Saca described as “the most difficult decision we have taken,” affecting employees across levels, including managers. He said the company continues to respond to emergencies and critical medical-customer needs.
Saca asked the committee to press for coordination among agencies — including AEE, APP, FEMA and the fiscal oversight board — to accelerate federal reimbursements and normalize transfers. He provided the committee with a packet of supporting documents on Oct. 27 and said Luma would supply account‑level balances on request.
