LUMA completes procurement for 1.5 million smart meters in Puerto Rico, enhancing grid reliability without increasing rates.
Quiver AI Summary
LUMA has successfully completed the procurement process for the deployment of approximately 1.5 million smart meters across Puerto Rico, marking a key advancement in the modernization of the island's electric grid. The project, which will not result in rate increases for customers, was awarded to Itron, a leader in smart meter technology, through a competitive selection process. This initiative is expected to generate over 150 jobs in Puerto Rico, as local companies will participate in the installation of the smart meters. The new system will enhance grid reliability, efficiency, and resilience, offering customers improved control over their energy consumption, better engagement, and faster service restoration during outages. Installation will begin in the San Juan area and expand island-wide over the next three years, supporting LUMA's mission to create a more dependable and sustainable electric service for all Puerto Ricans.
Potential Positives
- Completion of the open procurement process marks a significant milestone in the modernization of Puerto Rico's electric grid.
- Deployment of 1.5 million smart meters will enhance grid reliability, efficiency, and resilience, leading to improved service for customers.
- No rate increases for customers associated with the smart meter initiative, ensuring affordability.
- Creation of more than 150 direct and indirect jobs in Puerto Rico through local involvement in the installation process.
Potential Negatives
- Despite the significant announcement, there is a potential lack of transparency regarding the specific costs associated with the smart meter deployment, raising questions about the overall financial impact on the company.
- While the press release mentions no rate increases for customers, it does not address how this initiative might affect LUMA's financial viability in the long term.
- The mention of a 15-year warranty from the vendor Itron may imply LUMA's reliance on external partners for critical infrastructure, which could lead to vulnerabilities in service delivery and reliability if issues arise with Itron.
FAQ
What is the purpose of deploying smart meters in Puerto Rico?
The smart meters aim to modernize Puerto Rico's electric grid, enhancing reliability, efficiency, and customer service.
Who has been selected as the vendor for the smart meter project?
Itron, a global leader in smart meter technology, has been selected to provide the smart grid platform for Puerto Rico.
Will residents see a rate increase due to the smart meter initiative?
No, customers will not experience any rate increases associated with the deployment of smart meters.
How many jobs will the installation of smart meters create in Puerto Rico?
The project is expected to create more than 150 direct and indirect jobs in Puerto Rico.
When will the installation of smart meters begin in Puerto Rico?
Installation will start in the San Juan region and extend island-wide over the next three years.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ITRI Insider Trading Activity
$ITRI insiders have traded $ITRI stock on the open market 21 times in the past 6 months. Of those trades, 0 have been purchases and 21 have been sales.
Here's a breakdown of recent trading of $ITRI stock by insiders over the last 6 months:
- JOAN S HOOPER (SVP & CFO) has traded it 2 times. They made 0 purchases and 2 sales, selling 1,014 shares.
- JOHN F. MARCOLINI (SVP, Networked Solutions) has traded it 2 times. They made 0 purchases and 2 sales, selling 460 shares.
- THOMAS DEITRICH (President & CEO) has traded it 5 times. They made 0 purchases and 5 sales, selling 39,270 shares.
- DAVID MARSHALL WRIGHT (VP, Corp. Controller & CAO) sold 55 shares.
- CHRISTOPHER E. WARE (SVP, GC & Corp. Secretary) has traded it 2 times. They made 0 purchases and 2 sales, selling 183 shares.
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$ITRI Hedge Fund Activity
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Full Release
SAN JUAN, Puerto Rico, Dec. 17, 2024 (GLOBE NEWSWIRE) -- LUMA announced today the completion of the open procurement process and the next step of their initiative to deploy approximately 1.5 million smart meters across Puerto Rico. This significant milestone in the modernization of Puerto Rico's electric grid and customers will not see any rate increases associated with the initiative.
This contract is the result of a thorough and competitive process that followed all applicable laws and regulations including an open Request for Proposal (RFP). The selected vendor, Itron, a global leader in smart meter technology, will provide Puerto Rico with cutting-edge grid intelligence capabilities, enhancing the grid's reliability, efficiency, and resilience. This contract will allow local companies in Puerto Rico to be part of the installation of the equipment, creating more than 150 direct and indirect jobs on the island.
As part of LUMA's grid modernization efforts, LUMA will deploy Itron's leading smart grid platform, which includes 1.5 million electric smart meters and a new communications network with redundancy that would be the first of its kind in the history of Puerto Rico. The platform features distributed intelligence grid-edge capabilities, which will give LUMA improved awareness and control of its electric grid, delivering more benefits to the people of Puerto Rico. With the platform, LUMA will improve reliability, resiliency and enhance customer service. Benefits of the platform include:
Greater customer control over their energy consumption
through better energy usage information.
Better customer engagement and faster response for restoration of service
through improved outage detection technology.
Improved renewables integration
while enabling broader deployment of Distributed Energy Resources (DER), including rooftop solar, battery storage, EV charging at home, and microgrids.
Support for new energy efficiency programs
to engage and empower customers to better manage their usage.
Improved situational awareness
below the substation for monitoring the grid and responding to changes in grid state during blue sky days and major weather events.
"We are taking a major step forward in our mission to transform Puerto Rico's electric grid into a more reliable, resilient, and sustainable system," said Juan Saca, President & CEO of LUMA. "The installation of these smart meters is central to our long-term goal of improving service to customers and ensuring that Puerto Rico becomes a leader in grid modernization in the Caribbean."
"We are honored to work with LUMA on this historic project to advance grid modernization," said Tom Deitrich, president and CEO of Itron. "With Itron's intelligent endpoints, advanced software, and proven network platform, LUMA is building a foundation to ensure greater grid reliability and resiliency, enhanced quality of customer service, and accelerated response to extreme weather events."
The installation will begin in the San Juan region and extend island-wide over the next three years. Field crews and subcontractors, primarily hired locally, will focus on safety and quality installations throughout the project.
Selection Process and Vendor Commitment
The selection process adhered to LUMA's strict procurement guidelines, ensuring that the chosen vendor met all regulatory requirements and demonstrated a strong commitment to delivering quality and reliability. Itron's technology suite includes a meter software system that will allow LUMA to better monitor energy usage, detect outages, and address tampering or system inefficiencies. The selected vendor's technology also includes a 15-year warranty and integrates seamlessly with LUMA's existing infrastructure, enhancing overall grid performance.
About LUMA
LUMA is a Puerto Rican company that, since June 1, 2021, operates and manages the electric power transmission and distribution system in Puerto Rico. LUMA is a company driven by a mission to transform the electrical transmission and distribution system to provide all Puerto Ricans with the reliable, resilient, clean, and affordable electrical service they deserve. As a customer-centric company, LUMA's entire workforce is focused on safely delivering an exceptional customer service experience to its 1.5 million customers.
About Itron
Itron is a proven global leader in energy, water, smart city, IIoT and intelligent infrastructure services. For utilities, cities and society, we build innovative systems, create new efficiencies, connect communities, encourage conservation and increase resourcefulness. By safeguarding our invaluable natural resources today and tomorrow, we improve the quality of life for people around the world. Join us:
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