We are well-positioned to play an important role in the energy transition for three reasons:
We have proven expertise in gas storage and delivery, as well as the safe and reliable operation of a major hazard facility.
Targets and commitments
We have a goal of achieving Net Zero scope 1 and 2 emissions by 2045.
We have set and are working towards targets and commitments to get there.
Greenfield development projects
We are making a significant investment in greenfield development projects for low or zero greenhouse gas emission energy solutions.
We hope to bring each of these to a Final Investment Decision in the coming years.
Back-up supply is required to support the transition
The Australian market will require power stations (such as efficient, fast-start, gas-fired generators) to “firm” renewable energy intermittency and provide network stability* until sufficient renewable build, network investment, demand management and zero emission deep storage is available.
Iona will play an important role
We expect Iona to play an increasingly important role during the energy transition, by providing underground gas storage services to gas-fired power generators, which we believe will be critical in providing ‘back-up’ supply during periods of low renewable energy generation. We are currently investing to strengthen the reliability and capacity of Iona.
In Lochard’s view, the combination of renewable energy, gas-fired power generators and other technologies will play a key role in the transition away from high-emitting coal generation.