New Fortress Energy Disqualified From Puerto Rico Power Auction, Bloomberg Says

New Fortress Energy Inc. (NASDAQ:NFE) is among the 13 Best Hydrogen and Fuel Cell Stocks to Buy According to Analysts. It has been banned from Puerto Rico’s auction for an 800-megawatt temporary power generation contract, dealing a significant blow to billionaire Wes Edens’ LNG company.

The company’s bid was declared “non-conforming” even though it claimed to provide the cleanest, least expensive solution with rapid startup capabilities. New Fortress Energy Inc. (NASDAQ:NFE) did not provide any additional information, but it acknowledged that it had sent Governor Jenniffer González-Colón a letter of reconsideration.

The disqualification arises as New Fortress Energy Inc. (NASDAQ:NFE) struggles with rising debt and a roughly 80% decline in market value. Edens recognized “stringent” auction requirements during a recent earnings call, despite projecting growth in Puerto Rico. The bid list was reduced to Javelin Global Commodities and Power Expectations LLC when Puerto Rico, which suffers from costly and unreliable electricity, requested emergency power bids. Concerns regarding possible lobbying connections among candidates were also brought up in Edens’ letter.

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