Replacing coal to LNG. Is Osborne’s impact on the gas industry as countries and companies are reluctant to invest in new supplies in the face of climate change fears? It looks like this. This resulted in a price increase of up to 1000%.
“Lack of capital investments in future natural gas projects will not lead to energy transitions, but will lead to an energy crisis,” said Mark Giyet, deputy executive director of Novatek PJSC, Russia’s LNG exporter.
Therefore, there is a great need for renewable energy sources.
The Australian Federal Government has been exporting gas to offset the economic losses caused by the global CV-19 lock. International tourism has been disrupted, and thousands of students have not returned to Australian universities. Well, says the Prime Minister, gas will save us. The reality is that Morrison’s gas-driven economic recovery spilled over from Covy’s story.
One of Australia’s major trading partners, Japan is accelerating its solar, wind and hydrogen pipelines. And he wants hydrogen to be green – green, not gray or blue. Japan plans to halve its gas consumption by 50% by 2030. The Government of Japan It has decided to set zero net by 2050.
Japan is investing dollars in its mouth to invest in building hydrogen plants and solar farms in Australia.
In the domestic front, gas was responsible for generating 6% of the electricity, while renewables accounted for about 30% in the last 12 months. These figures vary from state to state, but point to the fact that gas is playing a small and minor role in Australian household use. Compared to the medium term decline in exports, the future does not look very good for the gas industry.
Stumbling in their own fog, the federal government is pushing to build new gas stations in areas where it is no longer needed, on expensive gas (or perhaps idle). The evidence for this is that Kuri Kuri is a gas-powered generator. What a coincidence that peace was announced just before the election.
Not just a power station, but a gas pipeline, and on-site gas and diesel storage. The factory runs on diesel for the first six months and then only 1 hour a month. That is expensive electricity. Some might say that he is a white elephant.
As gas prices rise and renewable prices fall, some countries are realizing that they have invested in a herd of whole white elephants. Australia is not the only country in Osborne.
Photo by Lock Manegaria from Pixels