Construction is 70 per cent complete at the proposed Port Kembla LNG import terminal, and we’re about to find out who is willing to pay to use it.
It’s put up or shut-up time at Andrew Forrest’s much-talked-about Port Kembla LNG import terminal.After years of slinging mud and pointing out the irony of building an expensive LNG import terminal in a big exporter like Australia, the large gas companies and users have to decide whether they want to use it, and how much they would be willing to pay.
While Squadron has held talks with potential customers in the past, this time the terminal’s construction is about 70 per cent complete, the all-important kit is about to arrive, it is under new leadership and regulators are talking about gas shortfalls in Victoria and NSW within a few years.Squadron told interested parties it has about a dozen potential customers on the hook.
The most logical customer would be someone like Squadron – a renewables owner seeking a gas load to firm up generation from its wind or solar farms – or a group with an existing gas load that might be struggling to meet demands in Victoria and NSW.It is not for everyone, and has always been easier to find doubters than supporters of the project. That has not changed.
In Squadron’s world, wind generation would predominantly replace coal-fired power plants, backed up by long-duration storage. But it cannot come together soon enough. Green hydrogen is still years away , which leaves about 5 per cent or 10 per cent of the annual power load to come from gas generation.
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