New Fortress Energy’s natural gas barge returns to port

Gov. Jenniffer González Colón confirmed via a social media video Tuesday morning that a New Fortress Energy tanker vessel that was supposed to supply liquefied natural gas to Puerto Rico Electric Power Authority plants last weekend had returned to port.

By The Star Staff

Three days after New Fortress Energy (NFE) suspended gas deliveries to Puerto Rico due to alleged unpaid bills, the company’s gas barge returned to San Juan Bay early Tuesday.

Gov. Jenniffer González Colón confirmed via a social media video that the NFE vessel, which was supposed to supply natural gas to the Puerto Rico Electric Power Authority (PREPA) plants last weekend, had returned to port.

“I will always be transparent and firmly defend the best interests and well-being of the people of Puerto Rico,” the governor stated. “We will not accept blackmail or pressure from any contractor. We will demand accountability and adherence to contracts. As of now, the barge that was scheduled to supply natural gas to Combined Cycle Units 5 and 6 in San Juan is seen entering San Juan Bay.”

As previously reported by the Star, González Colón said on Monday that she would demand that NFE honor its natural gas supply contract. The financially troubled parent company of island power plant operator Genera PR had halted gas deliveries, claiming that PREPA owed it $9 million, along with $3 million in interest from 2020. Energy Czar Josué Colón Ortiz, who previously served as executive director of PREPA, said PREPA did not pay the amount because NFE was attempting to collect on fuel supply that it did not deliver. Colón Ortiz noted in a radio interview Tuesday with Magic 97.3 FM that the government is assessing whether any breach of contract occurred that could lead to cancellation.

“We have no problem paying any outstanding bills; that verification will occur,” he said. “However, we will seek reimbursement for the cost of the diesel used by the units. Regarding other contractual measures, our legal team is reviewing whether there are additional actions we can take about this contract. The Energy Bureau is also conducting an evaluation.”

“We will assess whether this contractual violation could be grounds for cancellation,” the energy czar reiterated. “Everything is under review, but no decision has been made yet.”

This week, S&P Global Ratings downgraded NFE to CCC from a previous rating, citing mounting refinancing risk and issuing a negative outlook for the energy company.

The rating action follows NFE’s underperformance in the first quarter of 2025, which prompted S&P to reassess its base-case estimates and the company’s ability to address upcoming debt maturities and other obligations.

After reviewing the company’s 10-Q filing for the period ended March 31 of this year, S&P estimates NFE’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the trailing 12 months at some $750 million, significantly below its previous forecast of $900-$945 million.

S&P noted it is awaiting final details regarding natural gas supply contracts in Puerto Rico, which management expects to resolve soon. The contracts are expected to provide a stable cash flow base and most of the EBITDA for 2025.