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Golden Beach Gas Storage Project in Victoria Enters Administration Two Weeks After Approval
GB Energy's Golden Beach gas storage project in Victoria has entered administration, two weeks after it won approval.
Key points
- GB Energy's Golden Beach gas storage project has entered administration.
- The project was awarded a production licence by the Carroll government just two weeks before its collapse.
- Origin Energy was a key customer, but costs rose about four-fold amid repeated delays.
Why it matters. The collapse could leave Victoria without the winter energy security and energy bill relief the government had promised from the project.
GB Energy's $1 billion-plus Golden Beach gas storage project in Victoria has collapsed into administration, shortly after the Carroll government awarded it a production licence. The government had promised the project would help cap energy bills and provide critical energy security when winter demand peaks. GB Energy had signed Origin Energy as a key customer, but repeated delays and about a four-fold escalation in costs weighed on efforts to secure funding for construction.
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Golden Beach Gas Storage Project in Victoria Enters Administration Two Weeks After Approval
The Origin Energy-backed Golden Beach gas project has entered administration, two weeks after the Victorian government granted it a production licence. The project was intended to provide energy security for Victoria during peak winter demand. The Carroll government had also said the project would help cap energy bills. Its failure raises concerns about how the state will meet peak winter gas demand. The report did not specify the administrators' next steps or the effect on existing commitments.