New Fortress Energy Signs Contract to Supply Natural Gas to CFE Power Plants in Baja California Sur
New Fortress Energy (NASDAQ: NFE) has signed a Gas Supply Agreement with CFEnergia SA de CV, a subsidiary of Mexico’s Federal Electricity Commission. This agreement will see NFE supply 250,000-500,000 gallons of LNG daily to CFE’s power plants in Baja California Sur, Mexico, starting in May through its terminal in Pichilingue. CEO Wes Edens highlighted that this contract is aimed at supporting CFE’s shift to cleaner energy, generating significant fuel savings and reducing emissions for local residents.
- NFE has secured a contract to supply LNG to CFE, enhancing its market presence in Mexico.
- The agreement could lead to significant fuel savings and emissions reductions in Baja California Sur.
- The contract relies on future infrastructure development, which poses implementation risks.
- Forward-looking statements highlight uncertainties regarding project completion and LNG supply volume.
New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) announced today that it has signed a Gas Supply Agreement (the “GSA”) with CFEnergia SA de CV, a subsidiary of Mexico’s Federal Electricity Commission (CFE). Under the agreement, NFE will provide the equivalent of an estimated 250,000-500,000 gallons of LNG (20,000-40,000 MMBtu) per day to CFE’s CTG La Paz and CTG Baja California Sur power plants in Baja California Sur, Mexico.
“We are pleased to support CFE’s transition to cleaner, more affordable and reliable energy,” said Wes Edens, Chairman and CEO of New Fortress Energy. “This contract will help create significant fuel savings and emissions reductions for the benefit of the people of Baja California Sur.”
NFE will supply natural gas to the plant via the Company’s liquefied natural gas (LNG) receiving and regasification terminal in the port of Pichilingue, Baja California Sur, Mexico. The terminal is anticipated to be complete and begin the supply of natural gas to CFE in May.
About New Fortress Energy Inc.
New Fortress Energy is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
Cautionary Language Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” including the expectation that the Company will provide 250,000 gallons of LNG per day to the CFE power plants indicated, the expectation that the development of terminal and supply of natural gas will be complete in May, the expectation that the conversion will create fuel savings and reduce emissions, and other statements regarding NFE’s operations, goals and strategy. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the difficulty of predicting the timing or outcome of any project in development (including the development of infrastructure to supply CFE and to build NFE’s facility), difficulties or delays of any project in development, the availability and pricing of third party contractors, services and materials for use in the developments, the market price for natural gas and for alternative fuels, the dispatch rate of the CFE power plants, the heat rate efficiency of the CFE power plants, and the capacity of the CFE power plants (each on natural gas relative to alternative fuels). Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 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 in our annual report, quarterly and other reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update these forward-looking statements even though the situation may change in the future.
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