Integrated gas-to-power infrastructure company New Fortress Energy Inc. (NFE) in New York City provides energy and development services to end-users worldwide. The company is new to the LNG-export business but intends to start supplying as much as 11 million metric tons of super-chilled fuel annually within a few years, which is almost 16% of total U.S. exports.
The company recently filed with federal regulators to build an offshore liquefied natural gas (LNG) export project off the Louisiana coast that could enter service as soon as the first quarter of 2023. NFE seeks to fast-track LNG production and benefit amid the supply-demand imbalance caused due to the Russia-Ukraine war while also aiding President Biden’s recently announced goal of sending more LNG to Europe. Demand is rising, especially in Europe, which is heavily dependent on Russian gas. Furthermore, Russia’s threat to cut energy supplies is pushing up super-chilled fuel prices. On the other hand, NFE’s LNG project in Pennsylvania has been placed on hold due to some opposition by environmental groups. The company is required to obtain a new air permit from the state to begin the construction of the proposed plant.
