New Fortress Energy shares surge 11.18% intraday after approval of Puerto Rico LNG supply agreement.

New Fortress Energy Inc. surged 11.18% intraday trading following the final approval of a long-term gas supply agreement with the Puerto Rican government. This milestone, announced in a Business Wire release, solidifies the company’s strategic expansion in the LNG sector and addresses critical operational infrastructure needs. The approval removes regulatory uncertainty and positions NFE to capitalize on Puerto Rico’s energy transition, driving immediate investor optimism. While recent news highlighted debt pressures and a forbearance agreement extension, the Puerto Rico deal directly counters near-term risk concerns by securing a stable revenue stream. Other reports, including valuation analyses and credit worries, lack the immediacy to explain the sharp intraday rally, which aligns with the tangible progress in securing a key market.