New Fortress’ $20 Billion Puerto Rico Deal Halted by Board (1)

Puerto Rico’s finance watchdog is refusing to OK a $20 billion natural gas supply deal that it said would give New Fortress Energy Inc.a near monopoly over the island’s energy future.

The Financial Oversight and Management Board has “profound concerns” about a proposed 15-year contract between Genera PR — a New Fortress subsidiary that operates the territory’s power plants — and the company unit that delivers liquefied gas, according to a letter to Puerto Rico’s energy czar, Josue Colon.

Approving the contract would “lock the island into a long-term commitment with a single supplier, potentially undermining market competition and ...