Excelerate Energy has executed an agreement with the Puerto Rico Electric Power Authority (PREPA) to take on the development and permitting of a floating offshore LNG regasification facility off the southern coast of Puerto Rico. The facility, referred to as Aguirre GasPort®, will provide fuel to the Central Aguirre Power Plant. It is also a step forward in the island’s strategy to convert power generation from expensive, high-emissions imported oil to cost-effective, cleaner-burning natural gas.
The Central Aguirre Power plant has already converted 600MW of its available 1500MW to utilize natural gas and intends to convert the remaining 900MW prior to completion of Excelerate Energy’s Aguirre GasPort.
PREPA is aware of the urgent need to reduce the dependence on oil and increase the use of natural gas to boost economic development, attract industries, improve the quality of life and generate more jobs on the island. “If we want to be competitive at the global level, we must substantially reduce dependence on oil. The construction of the Aguirre GasPort facility will allow us to reduce that dependency,” a PREPA representative stated.
“We are extremely pleased to partner with PREPA in providing Puerto Rico with a reliable, clean fuel source for power generation that will greatly reduce air emissions for the Island. Our experience and expertise in delivering floating regasification solutions in a cost-effective and timely manner ensure that we will provide an efficient and reliable project for PREPA,” said Rob Bryngelson, President and CEO of Excelerate Energy.
The Aguirre GasPort will require authorization from the Federal Energy Regulatory Commission (FERC) and is subject to a full public environmental review and analysis under the National Environmental Policy Act (NEPA). The facility is expected to be in-service by 2014.