New Fortress Energy signs gas supply agreement with Energiza
New Fortress Energy has signed an agreement with Energiza to supply natural gas to a 478-megawatt (MW) combined-cycle power plant being developed in San Juan, Puerto Rico.
The move comes at a time when U.S. President Donald Trump lifted the prohibition on new liquefied natural gas (LNG) export permits, which were imposed by his predecessor Joe Biden in January 2024.
Biden paused new approvals pending a study into the environmental and economic effects of the booming export industry. The study was released in December.
In September 2024, New Fortress Energy received authorization from the U.S. Department of Energy to export LNG from its offshore Altamira-based plant in Mexico to non-free trade agreement countries.
According to the terms of authorization, the company can export up to nearly 1.4 metric MMtpy of LNG to non-FTA countries from its Fast LNG 1 project for a term of five years.
The power plant, which is expected to begin operations in 2028, will be the first to be constructed in Puerto Rico since 1995.
"This power plant will serve as a much-needed cleaner, reliable, and efficient power source to enhance Puerto Rico's aging power system," said New Fortress' CEO Wes Edens.
Shares of New Fortress Energy, which lost nearly 60% in 2024, were up 1.7% in trading after the bell Wednesday.
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