On Monday, Premier Jacinta Allan and Energy Minister Lily D’Ambrosio announced legislation would be introduced to smooth the path for the development of offshore gas storage projects in Victoria, including in empty gas reservoirs under the sea.
If the laws are passed, the Golden Beach Energy Storage Project off the coast of Gippsland is the most likely candidate to move ahead first, with plans to harvest more than 30 petajoules of gas from the area in 2027 before using the site for storage from 2028. This first phase would have a capacity of about 19 petajoules.
The project, using empty reservoirs on the ocean floor as a massive storage facility that could supply the east coast market in peak periods, has already undergone an environment effects statement and is moving towards a final investment decision.
