José Ortiz, Executive Director of the Puerto Rico Electric Power Authority (PREPA) announced Monday the signing of its 12-year contract with EcoEléctrica and natural gas supplier Naturgy, with a reported $1.3 billion in savings for the corporation.
Highlights of the new contract:
- Reduces the fixed payment for the energy produced by EcoEléctrica by ~$100 million annually
- Allows PREPA to complement electricity generation with renewable energy sources
- Reduces the cost of natural gas used by units
The renegotiation was approved by the Financial Oversight and Management Board (FOMB), the Puerto Rico Energy Bureau (PREB), and the Title III Court.
EcoEléctrica is a natural gas plant with a 527-MW capacity and a terminal for the import of liquefied natural gas.