(Bloomberg) -- Canceling the landmark contract that put Puerto Rico’s electric grid under private management is “not on the table,” despite calls to revoke the deal by Nov. 30, Fermin Fontanes, the head of the island’s public-private partnerships agency, told WKAQ 580 radio Thursday.

Luma Energy, a US-Canadian consortium, has been operating the fragile and antiquated grid since June 2021, under a temporary deal intended to allow the Puerto Rico Electric Power Authority, or Prepa, resolve its bankruptcy. 

That contract expires on Nov. 30. Meanwhile, a judge overseeing Prepa’s bankruptcy has given negotiators until Dec. 1 to come up with a plan to restructure some of its $9 billion in debt.

Island legislators have seized on the Nov. 30 deadline to demand the cancelation or renegotiation of Luma’s underlying 15-year, $1.5 billion contract, which is also due to kick in on Dec. 1. 

But the government does not see such an overhaul as realistic, according to Fontanes. Governor Pedro Pierluisi has repeatedly said he supports the existing deal and has warned that Luma might have the right to walk away as the continued bankruptcy puts the island in breach of contract.

Luma, a consortium of Atco Ltd. and Quanta Services Inc., working with Innovative Emergency Management Inc., has persistently said it plans to stay on the island, where it will help manage more than $9 billion in federal funding earmarked to rebuild the grid.

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