New Fortress Energy stock soars 36% after securing 15-year LNG contract

Investing.com -- New Fortress Energy (NASDAQ:NFE) stock surged 36% following news from El Nuevo Día that the company has secured a 15-year contract to supply liquefied natural gas (LNG) to multiple power plants.

The energy infrastructure company, along with Crowley, was selected to provide natural gas to five power plants and upcoming rapid response units in Puerto Rico, according to local newspaper El Nuevo Día. New Fortress Energy will supply fuel for the San Juan and Palo Seco plants for a 15-year term, with potential expansion to the Aguirre plant and Cambalache station if proposed natural gas conversions are implemented.

Additionally, NFE will be responsible for providing fuel to eight peak units that its subsidiary, Genera PR, is currently installing across several locations including Costa Sur, Daguao, Yabucoa, and Jobos.

The long-term nature of the contract provides New Fortress Energy with a stable revenue stream for the next decade and a half, significantly strengthening its position in the Caribbean energy market. This development represents a major expansion of NFE’s footprint in Puerto Rico’s energy infrastructure.

The contracts are expected to receive final approvals in the coming weeks, formalizing the company’s role as a key energy supplier for Puerto Rico’s power generation facilities.

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