The 25-year contract will underpin the expansion of the Iona project, and underscores expectations the fuel will remain part of the energy mix until 2050.
Already a subscriber?Snowy Hydro has struck a 25-year deal for the storage of gas, providing a government-backed contract to underpin an expansion of the east coast’s biggest gas storage plant.
Under the deal, the Commonwealth-owned energy generator and retailer – which also owns gas plants in Victoria and NSW – will take storage capacity at Iona from 2028.The plant, near Port Campbell, plays a critical role in keeping gas supply reliable to the east coast energy market, particularly during periods of high demand.
Snowy uses gas to complement its hydropower generation and to “firm” wind and solar generation bought from third parties. It is due to bring online its Kurri Kurri gas plant near Newcastle this year andSnowy was however unable to pursue its gas power ambitions beyond Kurri Kurri given the financial burden that the troubled Snowy 2.0 pumped hydro project under construction in the Snowy Mountains has placed on its balance sheet. Snowy 2.
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