((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(Adds details on the US President’s decision regarding LNG export permits in paragraphs 2 and 3, and other details from the report in paragraph 6)
New Fortress Energy NFE.O said Wednesday it signed an agreement with Energiza to supply natural gas to a 478-megawatt combined-cycle power plant under development in San Juan, Puerto Rico.
This move comes as US President Donald Trump lifted the ban on new liquefied natural gas export permits, which had been imposed by his predecessor Joe Biden in January 2024.
Mr. Biden had suspended the granting of new permits pending a study on the environmental and economic effects of the booming export industry. This study was published in December.
In September 2024, New Fortress Energy received approval from the U.S. Department of Energy to export LNG from its Altamira offshore plant in Mexico to countries without free trade agreements.
-Under the terms of the authorization, the company can export up to nearly 1.4 million metric tons per year of LNG to non-free trade agreement countries from its Fast LNG 1 project for a duration of five years.
The plant, which is expected to come online in 2028, will be the first to be built in Puerto Rico since 1995.
“This plant will provide a much-needed cleaner, reliable and efficient source of energy for Puerto Rico to improve its aging electricity system,” said Wes Edens, chief executive officer of New Fortress.
New Fortress Energy shares, which have lost nearly 60% in 2024, rose 1.7% after market close.
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