02:15 PM EDT, 07/10/2025 (MT Newswires) -- New Fortress Energy's ( NFE ) proposed $20 billion natural gas deal has been blocked by Puerto Rico's Financial Oversight and Management Board, which warned it would give the company near-total control of the island's energy supply, Bloomberg reported Thursday.

In a letter to Puerto Rico's energy czar, Josue Colon, the board expressed concerns about the proposed 15-year contract, which involves Genera PR, a New Fortress subsidiary, operating the island's power plants, Bloomberg said.

The board said the agreement would tie Puerto Rico to one supplier for an extended period, which could reduce competition and restrict future options, and appeared to result from direct negotiations rather than a competitive bidding process, according to the report.

New Fortress Energy ( NFE ), Colon, and The Financial Oversight and Management Board for Puerto Rico didn't immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 3.41, Change: -0.30, Percent Change: -7.97