Australia’s Victoria state has approved a A$1 billion ($700 million) natural gas project to address forecast shortages on the east coast. GB Energy Pty Ltd.’s Golden Beach Gas Project will begin production in 2028, with storage capacity coming online in 2029. The facility aims to boost the state’s gas storage by approximately 70%, providing a buffer during periods of low wind and solar output.
Industry and government have promoted the fuel as a reliable backup as the region faces a domestic natural gas shortfall toward the end of the decade. However, climate groups warn this approach could undermine the country’s emissions targets. The project will deliver 500 terajoules per day of withdrawal capacity, exceeding more than half of the state’s maximum daily demand recorded through June 2026.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing