(Bloomberg) -- Puerto Rican lawmakers on Tuesday said they will ask local regulatory bodies to cancel a landmark deal that put the island’s ailing energy grid into private hands. 

Luis Raul Torres, the head of the Puerto Rico House Economic Development and Planning Committee, said he will be asking agencies to cancel the long-term contract with Luma Energy, saying the private company is running over budget and failing to deliver promised improvements. 

If those agencies, which include the Puerto Rico Electric Power Authority, or Prepa, and the Public-Private Partnership Authority, fail to react, Torres said lawmakers will take the issue to court themselves. 

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In a statement, Luma Chief Executive Officer Wayne Stensby said that since taking over the grid in June, the company has replaced 2,000 poles, connected 18,000 customers to solar power and reduced outages across the system.

Luma -- a consortium of Atco Ltd. and Quanta Services Inc. working with Innovative Emergency Management Inc. -- says it has used 54% of its annual base-rate funded budget during the first half of the fiscal year after “inheriting a system that suffered years – if not decades – of neglect, lack of maintenance, poor safety standards and mismanagement.”

Even so, the company said it expects “overall spending will align with annual allowances by the end of the fiscal year.”

The 15-year Luma contract doesn’t fully kick in until Prepa, the island’s public power provider, emerges from bankruptcy, a process that could take an additional four or five months, Torres said at a press conference. 

“If the government is going to cancel the contract, this is the time to do it,” he said.

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Under the long-sought deal, the government agreed to pay Luma $70 million to $100 million for the first three years of the contract, and $105 million annually for the remaining 12 years of the deal. The company is also eligible for yearly bonuses of as much as $20 million if it hits certain targets.

Puerto Rico has some of the most expensive and least reliable power of any U.S. jurisdiction and blackouts are commonplace. Putting the grid in private hands was seen as key to improving service, even as it has raised the ire of local unions and opposition from groups worried about the price tag.  

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