A serious fuel import terminal undertaking on the Port of Newcastle stated to someday provide as much as 80 per cent of NSW’s fuel wants is not any extra.
Energy Projects and Infrastructure Korea (EPIK) has declared the $589 million undertaking “economically unfeasible” and ceased growth actions in September.
After an inquiry from the Australian Competition and Consumer Commission for its fuel inquiry, EPIK stated the “volatility of the international LNG market and high LNG benchmark pricing” had “placed a downward pressure on the economics of the project”.
It beforehand described the Newcastle terminal its flagship undertaking.
The terminal had been declared vital state vital infrastructure in August 2019 by then-planning minister Rob Stokes, and was anticipated so as to add 110 petajoules to NSW’s home market.
“The terminal could be operational by 2022-23 and provide supply for gas-fired power stations, helping to manage energy security during the period in which the Liddell power station is scheduled to close,” John Barilaro stated in 2019 as appearing premier.
But EPIK by no means made it over the second planning hurdle – the submitting of an environmental impression assertion.
The ACCC warned the chance posed by situations within the worldwide LNG markets was not distinctive to EPIK.
“Rather, all the proposed LNG import terminals are exposed to this risk. It is possible therefore that other proposals could be abandoned, or delayed until conditions improve,” it stated in its January report.
Source: www.perthnow.com.au
