According to a recent article on the Power Engineering website, the New Fortress Energy company has entered into two deals that will provide the firm with long-term access to additional liquefied natural gas supplies. Founded by Wes Edens (https://en.wikipedia.org/wiki/Wes_Edens) in 2015, New Fortress Energy maintains offices in the U.S. and Mexico and will be using its increased supply of liquefied natural gas for conversion into energy in Nicaragua, Puerto Rico, and Mexico. Prior to these deals, New Fortress, under CEO Wes Edens, had purchased liquefied natural gas for use at its interests in Jamaica. With these transactions, the company has substantially boosted its LNG supply.
As the company’s Chairman, Wes Edens said that in order for the company to avoid encountering price changes for liquefied natural gas, it regularly strives to match its purchases of the gas with the volumes required by its customers. Energy investor Wes Edens went on to say that roughly three-quarters of his company’s customer gas contracts are indexed to the Henry Hub pricing point, and due to the new contracts, most of the new volumes will also be Henry Hub indexed.
In 2019, New Fortress Energy entered into an agreement with the Angolan government to construct a liquefied natural gas terminal there. This terminal could then provide the natural gas needed for power generation in Angola. The construction of liquefied natural gas terminals is now taking place in the Gulf Coast region of the U.S. Because of the substantial supplies of shale-based gas there, it is hoped that this new terminal will able to provide gas to multiple countries around the globe. For clean energy champion Wes Edens, these developments continue to showcase the growing global interest in cleaner energy infrastructure.