Since Houston-based Cheniere launched the nation’s first LNG export cargo in 2016, Reese Energy Consulting has followed the incredible growth and trajectory of American natural gas to customers around the world. We are fortunate to be a part of this industry with clients from all sides of the LNG process, from producers to midstreamers to processors. It’s an exciting time, and when we stumble upon a news nugget that bears more recognition, we want to share it.
REC today is following the latest from N.Y.-based LNG operator New Fortress Energy (NFE), which operates modular, mid-size, offshore terminals in the U.S., Caribbean, Europe, and Latin America, producing 30 million gallons of LNG per day, in addition to converting existing power plants to run on LNG or building new ones.
The company was an early player in Puerto Rico following Hurricane Maria in 2017 which devastated the island’s power grid. The Puerto Rico Electrical Power Authority in 2021 privatized the utility and NFE jumped on the opportunity, taking over management of its assets that included a 4,693 MW thermal power generation system, as well as supplying all the turbines and gas for 350 MW of power. The company turned a profit of $120 million in 2Q 2023 vs a $178.4 million loss in 2022. A disappointment to Wall Street, but with $3.2 billion in new projects slated to come online in the next 90 days—and the Administration’s goal to create a clean, resilient power grid in Puerto Rico—NFE expects a revenue game-changer ahead.