US EditionNew Fortress Energy Stock Falls After Puerto Rico Rejects $20 Billion ...
PUERTO RICO, JUL 14 – Shutdown of 10 of 14 power units raises risk of outages during peak demand amid unpaid debts and contract disputes with LNG supplier New Fortress Energy, officials said.
- Puerto Rico has halted plans to award New Fortress Energy a 15-year LNG supply deal worth about $20 billion following federal concerns of a potential energy monopoly last week.
- The deal stalled because Puerto Rico rejected contract conditions including third-party bankruptcy guarantees, while New Fortress claims the island owes millions dating back to 2020.
- The dispute escalated as New Fortress abruptly cut a critical LNG shipment, causing Puerto Rico to idle 10 of 14 temporary power generators and rely on costlier diesel units.
- Josue Colon, Puerto Rico's energy chief, called the LNG cancellation 'unjustified' and warned the island faces a high blackout risk with existing power generation having minimal margin for error.
- The conflict strains Puerto Rico's energy security amid peak summer demand, while New Fortress faces a $270 million revolving credit payment due and bond maturities over the coming years.
Insights by Ground AI
Does this summary seem wrong?
14 Articles
14 Articles
Evidently dissatisfied, Governor Jenniffer González stated that the government "is evaluating everything" regarding the future of the contract with New Fortress Energy (NFE) to supply natural gas to the San Juan Power Plant.
Puerto Rico’s Energy Crisis Deepens Amid Dispute With LNG Supplier
Puerto Rico has temporarily shut most of the power generators on the island after not receiving an LNG shipment from New Fortress Energy amid a weeks-long dispute over supply contracts. Puerto Rico’s power grid has been strained as-is, and now the shutdown of ten out of the 14 temporary power generating units threatens to lead to outages during the peak summer demand. U.S. gas supplier New Fortress Energy has canceled an LNG cargo shipment to th…
·London, United Kingdom
Read Full ArticleCoverage Details
Total News Sources14
Leaning Left0Leaning Right3Center3Last UpdatedBias Distribution50% Center, 50% Right
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
50% Right
C 50%
R 50%
Factuality
To view factuality data please Upgrade to Premium
