Victoria Boosts Gas Storage for Energy Security
Nov 4
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New Legislation Unlocks Offshore Gas Storage
Victoria has passed the Offshore Petroleum and Greenhouse Gas Storage Amendment Bill 2024, enabling underground gas storage in rock-layer reservoirs. This legislative change enhances the state's gas storage capacity by nearly 50%, ensuring stability in supply during high demand and buffering against price spikes.
Golden Beach Project Leads the Way
The Golden Beach Energy Storage Project, Victoria’s first offshore gas storage facility, will operate off Gippsland’s coast. Expected to supply 30PJ of gas for the domestic market by winter 2027, this project is pivotal in balancing electricity needs as Victoria transitions to 95% renewable energy by 2035.
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