New Fortress Energy is facing a major leadership shakeup as its Chief Financial Officer resigns during a critical period of corporate restructuring. The company is currently working to slash its massive debt from roughly $5.7 billion down to $527 million, a staggering 91% reduction aimed at stabilizing its finances.
The move comes as Puerto Rico faces increasing scrutiny over its power generation contracts. Local lawmakers are demanding answers, noting that the stability of the island's electricity grid remains at risk due to the ongoing turmoil surrounding the energy provider.
Senator Hernández Ortiz has been vocal in his criticism, pushing for a formal investigation into the bidding and contracting processes tied to temporary power generation. He argues that the administration must be transparent about the potential fallout if the company’s operations continue to falter.
Government officials have already sought to intervene in federal lawsuits involving the company’s subsidiary, NFEnergía LLC. These legal battles have previously threatened the supply of liquefied natural gas, which is vital for keeping the lights on across the territory.
With the future of the island's power supply hanging in the balance, pressure is mounting on the government to provide a clear strategy. Critics are now asking the most important question of all: what is the official Plan B if New Fortress Energy becomes completely unable to operate?
Source: puertoricotribune.com
