Talk:Wes Edens

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Wes Edens ownership of New Fortress Energy and its subsidiary GeneraPR

This topic would be of general interest to the people of Puerto Rico, and of course to American taxpayers.

1. Puerto Rico's electrical utility privatization: "Under the terms of the new partnership, the Puerto Rican government has agreed to cover up to $15 million in transition costs to Genera PR, officials said. Additionally, the company will be paid a yearly fee of $22.5 million during the first five years. The fee will decrease after the fifth year, up to a minimum of $5 million per year. The exact amount will be determined by the number of power plants removed during the forfeiture process."

Source: https://www.nbcnews.com/news/latino/puerto-rico-officially-privatizes-power-generation-genera-pr-rcna67284

2. Wes Edens claims the government is doing as he pleases paying him for his natural gas and energy generation business:

A) “Pero la pregunta que más nos han hecho es cómo esto va a transicionar y cuál será el futuro a largo plazo en cuanto a esta y otras oportunidades de gas en la isla. Hoy, les tenemos esa respuesta. El gobierno ha hecho exactamente como dijimos, como pensamos que lo harían”, aseguró al explicar que cuando FEMA terminó de manera temprana ese contrato para generación de emergencia, el gobierno maniobró para que FEMA les aprobara uso de dinero federal para comprarle las plantas a NFE y, además, les dio un contrato que puede extenderse por cuatro años para suplir el gas que usan."

A) Translation: "But the question that we have gotten the most is how are we going to transition (TC: from natural gas), and what would be he future long term with regards to this and other natural gas opportunities in the island (PR). The government has done exactly what we said and how we thought they would do it." - he (Wes) assured by explaining that when FEMA prematurely canceled emergency generation contracts, the government (PR) maneuvered so that FEMA would approve PR using federal funds to buy generation facilities for NFE (New Fortress Energy) and furthermore, gave them a contract that could be extended for four years (to NFE) so that they can supply the Natural Gas that they (Genera PR) use.

B) La política pública de Puerto Rico, establecida mediante ley, es que el 100% de la energía consumida venga de fuentes renovables para 2050. Fuentes renovables no incluyen gas natural. El Departamento de Energía federal (DOE en inglés) estableció científicamente que esa meta es posible usando una mezcla principalmente de sol y viento y que grandes sistemas de baterías pueden servir como el mecanismo de apoyo para suplir energía los días que sol y viento no sean suficientes.

B) Translation: Puerto Rico's public law, is that 100% of energy consumed must originate from renewables by 2050. Natural Gas is not a renewable form of energy. The Department of Energy (DOE) established through PR100 Study, that it's possible to achieve 100% renewables by 2050 using solar and wind, with large battery systems to serve as support when solar and wind energy is not enough.

C) Pero McElmurray, encargado de Genera PR para NFE, le dibujó a los analistas financieros un plan de transición distinto. “El estado final que esperamos de esto es que se retirará toda la energía basada en petróleo y la isla se energizará con gas natural complementado con solar y baterías, y ese va a ser el futuro de Puerto Rico. Nuestro negocio está posicionado perfectamente para capturar este crecimiento y nuestro trabajo es empujar esa transición tan rápido como sea posible. Lo que es único sobre Puerto Rico es que hay alineación perfecta entre nuestra estrategia, la política pública y la pura economía de lo que va a pasar. Así que esto es simplemente una cuestión de tiempo y nuestro trabajo es acelerar ese tiempo tan rápido como sea posible y convertir esos flujos de efectivo en ganancias duraderas a largo plazo para aumentar más el valor de nuestra franquicia”, expuso el ejecutivo.

c) Translation: But (Brannen) McElmurray, NFE's representative for Genera PR, drew up a different transition plan ot the financial analists. "The final state that we hope is that all petroleum based energy will be removed, and the island (PR) will be energized by natural gas, complimented by solar and batteries, that this will be the future of Puerto Rico. Our business is perfectly positioned to capture this growth and our goal is to push towards this transition as quickly as possible. What is unique about Puerto Rico is that there is a perfect alignment between our strategy, public policy, and the economy of what will happen. It is simply a matter of time, and our goal is to accelerate that time as soon as possible to convert these cash flows to long-term earnings and increase the value of our franchise." - exposed the executive (TC: McElmurray on behalf of Genera PR a subsidiary of New Fortress Energy, owned by Wes Edens).

(Translator Comment: This goes against the law, as presented in comment B)

Source: https://www.noticel.com/economia/gobierno/ahora/top-stories/20240514/genera-pr-revela-su-plan-para-desviar-renovables-y-venderle-gas-a-la-isla-por-anos/ 150.220.165.195 (talk) 12:20, 31 August 2024 (UTC)[reply]