New Fortress’ $20 Billion Puerto Rico Deal Halted by Board
Residential buildings in the Miramar neighborhood of Santurce, San Juan, Puerto Rico.
Photographer: Xavier Garcia/BloombergPuerto Rico’s finance watchdog is refusing to OK a $20 billion natural gas supply deal that it said would give New Fortress Energy Inc. a near monopoly over the island’s energy future.
The Financial Oversight and Management Board has “profound concerns” about a proposed 15-year contract between Genera PR — a New Fortress subsidiary that operates the territory’s power plants — and the company unit that delivers liquefied gas, according to a letter to Puerto Rico’s energy czar, Josue Colon.