Golden Beach gas project: $1 billion-plus energy facility collapses into administration
Australian Financial Review · Angela Macdonald-Smith, Ryan Cropp ·
The Origin Energy-backed Golden Beach gas project has entered administration, sharpening concerns about how Victoria will meet peak winter demand.
A $1 billion-plus gas storage project intended to provide critical energy security for Victoria when demand peaks in winter has collapsed into administration just two weeks after the Carroll government awarded it a production licence and promised it would help cap energy bills.
The failure of GB Energy, which had signed up electricity and gas retailing giant Origin Energy as a key customer for its Golden Beach project, comes after repeated delays and about a four-fold escalation of costs that weighed on attempts to secure funding to proceed with construction.
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