Latest news with #CorioBay
ABC News
6 days ago
- Business
- ABC News
Gas storage terminal for Victoria gets state government approval
A proposed gas storage terminal off the coast of Geelong with capacity to supply most of Victoria is closer to being built following approval by the state government. The Viva Energy Gas Import Terminal Project is designed to shore up the state's gas supply before a forecast shortfall by 2029. The project would consist of a liquefied natural gas (LNG) storage ship docked in Corio Bay off Refinery Pier, and 7 kilometres of new pipeline to link up to the existing gas network. Viva Energy is yet to say if it will go ahead with the project, with the company still assessing the business case. The Victorian government is not responsible for funding the project, but has a role in providing the necessary approvals for it to proceed. Among these is environmental approval via an Environmental Effects Statement from Planning Minister Sonya Kilkenny, which she announced on Thursday. Ms Kilkenny found "the potential impacts of the project can be managed with strengthened environmental management practices and [if] amended mitigation measures are adopted", a government statement read. "If successful, the Viva Energy Terminal can receive up to 160 petajoules (PJ) of liquefied natural gas (LNG) per annum — approximately 88 per cent of Victoria's 2024 gas consumption." The project is intended to be a cost-effective solution for the vast majority of Victorian households reliant on gas-powered cooking and heating. Viva Energy said construction of the gas import terminal would take two years, but has not said yet when construction would start as the project is yet to get the final go-ahead. The project would enable gas from from Australia and around the world to be brought in and deposited in a permanently moored storage unit. "One of the key advantages of our LNG terminal is its flexibility to scale up supply during periods of peak gas demand, ensuring that households and businesses in Victoria will have a reliable gas supply all year round," Viva Energy's chief strategy officer, Lachlan Pfeiffer, said. He said the new gas terminal would provide "important firming capacity to support the renewable energy sector as coal retires from the energy system". Mr Pfeiffer said the company would now work to lock in large-scale gas market participants in order to firm up the business case for a final decision on whether the project could proceed. Victoria is facing a looming natural gas shortage because supply traditionally taken from Bass Strait is running out. The Australian Energy Market Operator (AEMO) has forecast a supply shortfall by 2029. Mr Pfeiffer has previously said the terminal was the only complete gas solution for Victoria that could be delivered in time for predicted shortfalls in the winter of 2028. The proposed gas project, a few hundred metres off the Geelong shoreline, has attracted vehement opposition from locals and environmental groups who have argued it will be located too close to homes and businesses. The Victorian Greens condemned the state government for giving its approval, saying the party had been campaigning against the project alongside local communities since 2022. "Victorian Labor have turned their backs on our bay environment, on the health and safety of communities in Geelong, and on our climate," Deputy Victorian Greens leader Sarah Mansfield said.
News.com.au
20-05-2025
- Business
- News.com.au
Luxury home with views thrills on Geelong's other waterfront
New South Wales buyers have pounced on a luxury, four-bedroom two storey townhouse on Geelong's tightly-held North Shore. Maxwell Collins, Geelong agent Duncan Skene said the view was the key attractions for the buyers at 33B The Esplanade, North Shore, who were relocating to be closer to family. But he said the value of the substantial residence was incredible for a home with such a view. Mr Skene said he couldn't reveal the sale price, but revealed it was within the $1.425m to $1.525m range. Records show it's the fourth most-expensive home to sell in the tightly-held northern suburb. The North Shore residence overlooks Corio Bay with an incredible view across the water to Geelong's burgeoning waterfront. The only catch for some is the suburb is surrounded with industry. But Mr Skene said even that is no longer such an impediment for buyers, with other potential purchasers looking for a higher-end home close to their place of work. 'Other people were just looking to relocate and just wanted something with a bit of a view, but maybe not the higher price tag of Eastern Beach,' Mr Skene said. The home offers premium finishes such as square-set ceilings, a designer kitchen with stone waterfall benchtops and Smeg appliances, double glazed windows and stacking glass doors that open the main living area to a full width balcony overlooking the water. The expansive upstairs living area is ideal for entertaining or just relaxing while enjoying the stunning outlook towards the Geelong CBD. The home's lavish main bedroom suite offers a walk-in wardrobe and an ensuite with a dual shower, complemented by a stylish powder room. Three more bedrooms on the ground floor offer built-in wardrobes and share a sleek bathroom and a generous family room that opens onto a rear deck and sun-drenched, north-facing back yard. The home has full airconditioning, a security system, landscaped gardens, and a remote-controlled double garage with internal access. The double-storey townhouses were developed after the original home last sold in 2017 for $1.175m, having been in the same family for more than 40 years. The suburb's most expensive home nearby sold for $3.4m in 2022 and has been a target for families with students studying at nearby Geelong Grammar School. Homes are substantially cheaper than similar properties along Geelong's Eastern Beach, where the most recent sale, a two-storey heritage terrace house at 34 Eastern Beach sold for $3.5m in 2024.
