Australia’s AGL Energy axes Crib Point FSRU project

Australian utility AGL Energy confirmed on Monday it would cease any further development of the proposed FSRU-based LNG import project at Crib Point in Victoria.

The move follows a decision in March by the Victorian government to reject AGL’s plan to install the unit at Crib Point and the associated pipeline due to “environmental concerns.”

AGL previously selected Hoegh Esperanza FSRU for the project.

The firm planned to import LNG to fill an expected shortfall in gas supply from 2024. The project competed with at least five other developments aiming to import LNG into southeast Australia.

“AGL has a highly flexible gas portfolio and a supply strategy which will enable customer demand to be met from existing and new domestic supply sources and proposed third party regasification projects, leveraging LNG supply options developed for the Crib Point gas import terminal project,” the firm said.

The utility added it has already invested about A$130 million ($100.9 million) on the Crib Point development.

Moreover, AGL said it would record a pre-tax loss of up to A$108 million in its fiscal 2021 due to the project’s spending.

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