New Fortress Energy Amends Islandwide Gas Supply Contract
New Fortress Energy (NASDAQ: NFE) has modified its islandwide gas supply contract extension with the Puerto Rico Electric Power Authority (PREPA). Instead of the previously announced one-year extension, the contract will now extend for 100 days. This shorter bridge period is designed to facilitate an open Request for Proposals (RFP) process that will determine updated terms and duration for the gas supply contract.
The amendment affects the existing 80 TBtu islandwide gas supply agreement. According to NFE's Chairman and CEO Wes Edens, this temporary extension will provide sufficient time to conduct an RFP process aimed at securing new contract terms that optimize Puerto Rico's energy security while minimizing costs.
New Fortress Energy (NASDAQ: NFE) ha modificato l'estensione del contratto di fornitura di gas su tutta l'isola con l'Autorità Elettrica di Porto Rico (PREPA). Invece dell'estensione di un anno precedentemente annunciata, il contratto sarà ora esteso per 100 giorni. Questo periodo di transizione più breve è progettato per facilitare un processo aperto di Richiesta di Proposte (RFP) che determinerà i termini e la durata aggiornati per il contratto di fornitura di gas.
L'emendamento riguarda l'attuale accordo di fornitura di gas su tutta l'isola di 80 TBtu. Secondo il Presidente e CEO di NFE, Wes Edens, questa estensione temporanea fornirà il tempo sufficiente per condurre un processo di RFP volto a garantire nuovi termini contrattuali che ottimizzino la sicurezza energetica di Porto Rico riducendo al contempo i costi.
New Fortress Energy (NASDAQ: NFE) ha modificado la extensión de su contrato de suministro de gas en toda la isla con la Autoridad de Energía Eléctrica de Puerto Rico (PREPA). En lugar de la extensión de un año anunciada anteriormente, el contrato ahora se extenderá por 100 días. Este período de transición más corto está diseñado para facilitar un proceso abierto de Solicitud de Propuestas (RFP) que determinará los términos y la duración actualizados del contrato de suministro de gas.
La enmienda afecta el actual acuerdo de suministro de gas en toda la isla de 80 TBtu. Según el Presidente y CEO de NFE, Wes Edens, esta extensión temporal proporcionará el tiempo suficiente para llevar a cabo un proceso de RFP destinado a asegurar nuevos términos contractuales que optimicen la seguridad energética de Puerto Rico mientras se minimizan los costos.
New Fortress Energy (NASDAQ: NFE)는 푸에르토리코 전기공사 (PREPA)와의 섬 전체 가스 공급 계약 연장을 수정했습니다. 이전에 발표된 1년 연장 대신, 계약은 이제 100일 연장됩니다. 이 짧은 브리지 기간은 가스 공급 계약의 업데이트된 조건과 기간을 결정하기 위한 열린 제안 요청 (RFP) 프로세스를 촉진하기 위해 설계되었습니다.
이 수정안은 현재 80 TBtu 섬 전체 가스 공급 계약에 영향을 미칩니다. NFE의 회장 겸 CEO인 Wes Edens에 따르면, 이 임시 연장은 푸에르토리코의 에너지 안보를 최적화하면서 비용을 최소화하기 위한 새로운 계약 조건을 확보하기 위한 RFP 프로세스를 수행할 충분한 시간을 제공할 것입니다.
New Fortress Energy (NASDAQ: NFE) a modifié l'extension de son contrat de fourniture de gaz à l'échelle de l'île avec l'Autorité de l'Énergie Électrique de Porto Rico (PREPA). Au lieu de l'extension d'un an précédemment annoncée, le contrat sera désormais prolongé de 100 jours. Cette période de transition plus courte est conçue pour faciliter un processus ouvert de Demande de Propositions (RFP) qui déterminera les termes et la durée mis à jour du contrat de fourniture de gaz.
L'amendement concerne l'accord de fourniture de gaz existant de 80 TBtu à l'échelle de l'île. Selon Wes Edens, Président et CEO de NFE, cette extension temporaire permettra de disposer de suffisamment de temps pour mener un processus de RFP visant à sécuriser de nouveaux termes contractuels qui optimiseront la sécurité énergétique de Porto Rico tout en minimisant les coûts.
New Fortress Energy (NASDAQ: NFE) hat die Verlängerung seines Gasliefervertrags für die gesamte Insel mit der Puerto Rico Electric Power Authority (PREPA) geändert. Anstelle der zuvor angekündigten einjährigen Verlängerung wird der Vertrag nun um 100 Tage verlängert. Dieser kürzere Übergangszeitraum ist darauf ausgelegt, einen offenen Ausschreibungsprozess (RFP) zu ermöglichen, der die aktualisierten Bedingungen und die Dauer des Gasliefervertrags bestimmen wird.
Die Änderung betrifft den bestehenden 80 TBtu Gasliefervertrag für die gesamte Insel. Laut Wes Edens, dem Vorsitzenden und CEO von NFE, wird diese vorübergehende Verlängerung ausreichend Zeit bieten, um einen RFP-Prozess durchzuführen, der darauf abzielt, neue Vertragsbedingungen zu sichern, die die Energiesicherheit von Puerto Rico optimieren und gleichzeitig die Kosten minimieren.
- Contract continuity maintained through bridge period
- Opportunity to compete for new contract terms through RFP process
- Significant reduction in contract extension period from 1 year to 100 days
- Uncertainty about future contract terms and duration after the bridge period
Previously, we announced that the islandwide gas supply contract was to be extended for one year. The revised 100-day extension provides a bridge period to facilitate an open request for proposals (“RFP”) for updated terms and duration of the gas supply contract.
“The 100-day extension allows an adequate period for an RFP for a new gas contract with appropriate duration and terms to best serve Puerto Rico’s energy security needs at the lowest possible cost,” said Wes Edens, Chairman and CEO of New Fortress Energy.
New Fortress Energy remains committed to providing
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain statements and information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “can,” “could,” “should,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “believes,” “schedules,” “progress,” “targets,” “budgets,” “outlook,” “trends,” “forecasts,” “projects,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” or the negative version of those words or other comparable words. Forward looking statements include our expectation regarding the extension of the gas supply contract. These forward-looking statements are necessarily estimates based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company’s control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: risks related to the operation and maintenance of our facilities; failure of third-party contractors, equipment manufacturers, suppliers and operators to perform their obligations for the development, construction and operation of the power plant; the receipt of permits, approvals and authorizations from governmental and regulatory agencies on a timely basis or at all. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Company’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise any forward-looking statements, even though our situation may change in the future or we may become aware of new or updated information relating to such forward-looking statements. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.’s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250317445559/en/
Investors
ir@newfortressenergy.com
Media
press@newfortressenergy.com
Source: New Fortress Energy Inc.
FAQ
What is the new duration of NFE's gas supply contract with PREPA?
What is the volume capacity of NFE's gas supply contract in Puerto Rico?
Why did NFE modify its contract extension with PREPA?
What is the purpose of the 100-day extension period for NFE's PREPA contract?
