New Fortress Energy (NFE) announced a one-year extension of its 80 TBtu islandwide gas supply contract with the Puerto Rico Electric Power Authority. Additionally, the 10-year Operation and Maintenance Agreement between Genera, NFE’s subsidiary, and PREPA will be modified to eliminate future incentive payments in exchange for a $110M payment. NFE worked closely with Puerto Rico Governor Jenniffer Gonzalez-Colon, the Puerto Rico Energy Bureau, the Puerto Rico Public-Private Partnerships Authority, and PREPA to streamline the incentive structure and fully aligns NFE and Puerto Rico with a single goal: to deliver reliable, clean power to Puerto Ricans at the lowest cost possible.
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