Zinger Key Points
- NFE extended its gas supply contract with PREPA and modified a key agreement, replacing future incentives with a $110M payment.
- The deal supports diesel-to-natural-gas conversions, cutting costs, lowering emissions, and enabling long-term energy sustainability in Puer
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New Fortress Energy Inc. NFE has extended its 80 TBtu gas supply contract with the Puerto Rico Electric Power Authority (PREPA) for one year. Additionally, its subsidiary, Genera, modified its 10-year Operation and Maintenance Agreement, replacing future incentive payments with a one-time $110 million payment.
In collaboration with Puerto Rico Governor Jenniffer Gonzalez-Colon, PREB, P3A, and PREPA, NFE refined the incentive structure to ensure a shared commitment to delivering reliable, affordable, clean energy.
The contract also supports converting diesel power plants to natural gas, reducing costs, lowering emissions, and fostering long-term energy sustainability.
Since 2017, NFE has been a key player in Puerto Rico’s energy security, investing heavily in affordable power solutions and responding swiftly after Hurricane Maria. Its natural gas supply has already saved the island over $500 million in fuel costs, and the extended contract will pave the way for future savings in the billions.
“We are pleased to reach this agreement, which strengthens our partnership with Puerto Rico,” said Wes Edens, Chairman and CEO of New Fortress Energy.
Price Action: NFE shares are trading lower by 0.11% at $9.989 last check Monday.
Photo via Shutterstock.
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