New Fortress Energy Disqualified From Puerto Rico Power Auction
New Fortress Energy has been disqualified from an auction held by the Puerto Rican government to secure temporary power generation, the latest setback for billionaire Wes Edens' troubled company.
The liquefied natural gas and logistics company asked to be reconsidered for the 800-megawatt contract to help shore up the US commonwealth's shaky electric grid, according to a letter it sent to the Puerto Rico governor's office. New Fortress argued that it would be the cheapest power supplier and could provide clean fuel and a fast start-up time, adding that the company already operates turbines on the Caribbean island.
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