“The Australian Energy Market Operator’s (AEMO) intervention in the spot market for wholesale electricity and warnings of possible power interruptions highlights the need for an LNG import terminal to provide extra capacity to Australia’s east coast energy market.
“Such a terminal will help alleviate a lack of reserve supplies and our company Australian Industrial Energy is on track to complete the Port Kembla Energy Terminal (PKET) by the end of next year, which once operational, will be able to supply up to 75 per cent of New South Wales gas needs, or 30 per cent of the combined gas needs of New South Wales and Victoria.
“The PKET is the only facility of its type in Australia with full approvals in place, construction underway and a dedicated Floating Storage and Regasification Unit (FSRU), which is contracted.
“However, Squadron Energy needs commitments from energy retailers, so that we can bring the FSRU to Australia at the end of 2023.
“The PKET is the best short-term solution to keep the lights on for families and to keep industry secure, and it could be switched over to green hydrogen or other renewable energy sources. It means we don’t need to invest in new gas projects that will emit carbon for decades.”
