New Fortress $20 Billion Gas Deal Halted by Puerto Rico Watchdog

Puerto Rico’s financial regulator has halted New Fortress Energy’s proposed $20 billion gas supply contract over monopoly concerns tied to its subsidiary Genera PR, according to a Bloomberg report.

(Reuters) — Puerto Rico's finance regulator has halted New Fortress Energy's $20 billion natural gas supply deal over monopoly concerns, Bloomberg News reported on July 10, citing a letter to the island's energy czar, Josue Colon.

Shares of the company were down 7.6% in afternoon trading.

The Financial Oversight and Management Board said it has "profound concerns" about a proposed 15-year contract between New Fortress' subsidary Genera PR and the company's unit that delivers liquefied gas, the report said.

New Fortress Energy did not immediately respond to a Reuters request for comment.