The latest findings published in the 2024 Gas Statement of Opportunities (GSOO) by the Australian Energy Market Operator (AEMO) have confirmed a looming domestic gas shortage in the South-eastern states from 2026 onwards.
These findings underscore the central thesis driving Venice Energy’s Import Terminal Project in South Australia: simplicity of connection; flexibility and security of supply, and competitive pricing for Australian customers.
The existing 687km SEA Gas pipeline, stretching from the Iona underground storage at Port Campbell, west of Melbourne, to Adelaide, plays a pivotal role in the viability of the project. Upgrading this pipeline will enable the Project to supply both States in both directions, via a single connection.
A study has demonstrated both the commercial and technical viability of upgrading the pipeline to bi-directional flow.
Venice Energy’s terminal can supply in excess of 250TJ/d of gas through this pipeline to the Iona storage facility, providing the flexibility to meet AEMO’s forecast shortfalls during peak winter demand.
Moreover, forecasts by global LNG supply companies and international market analysts have demonstrated that imported LNG will be more than competitively priced with domestic gas from 2026 onwards.
“Access to global gas supplies via our terminal means gas will always be available to South Australia and Victoria” said Venice Regas CEO, John Nicholson.
“Without an adequate supply of new gas to the market, the forecast shortages mean industry and domestic consumers will face restricted supply and increased electricity prices from as early as 2026.”
FURTHER INFORMATION:
Venice Energy
Corporate Affairs
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