INDEX

Cobra believes it is owed at least some $69 million under the first of two contracts, excluding interest. It is seeking $135 million under the second contract.

FEMA has approved $84 million in payments. Still, according to the status report, PREPA has delayed disbursing the payments because it needs an engineer to conduct an internal review of the payments. Most of the PREPA staff has moved to LUMA Energy.

PREPA is also appealing FEMA’s denial of $73.7 million that Cobra invoiced, the status report said.

According to the joint status report, Cobra also argues that it is owed $77 million in tax reimbursements, of which PREPA has paid only $16 million under the first contract. PREPA’s position is that Cobra’s claimed tax reimbursements are substantially overstated and do not represent actual taxes paid to the government of Puerto Rico in excess of 8.5%, and that no further tax reimbursements are owed to Cobra.

The balance of the amounts owed under the first contract relate to work performed concerning Hurricane Beryl, mobilization, and other miscellaneous invoices. The payment of the unpaid amounts is some $7.5 million. PREPA disputes Cobra’s entitlement to those amounts.

Cobra argues that it is owed $135 million under a second contract, of which PREPA has already paid $52 million, more than the amount FEMA determined