GB Energy is developing the Golden Beach Energy Storage Project to provide critical gas supply and storage infrastructure to Australia’s east coast energy market
Once in operation, the Project will initially increase domestic gas supply before transitioning to storage operations which will enhance energy market security and efficiency while supporting Victoria’s transition to renewables
Origin Energy Retail Limited has entered into an agreement to purchase all natural gas produced from the Golden Beach Gas Field at an agreed price and has also entered into a foundation storage contract with GB Energy
The Golden Beach Gas Field is located approximately 3km offshore in the Gippsland Basin, Australia’s oldest and most prolific gas-producing regions
Development
Development of the Golden Beach Field involves drilling using conventional and proven processes.
A pipeline and compressor station will also be constructed to connect the field to existing infrastructure in the vicinity of Longford Victoria. This will allow the field to supply households and businesses in Victoria and New South Wales.
Environment
The Victorian Minister for Planning has determined that the Environment Effects Statement (EES) undertaken by GB Energy under the Environment Effects Act 1978 is appropriate and supports the development of the Golden Beach Energy Storage Project.
The EES process is a significant undertaking and underpins the development of the Project according to environmental parameters and processes.
In addition, the Project has been classified as critical energy infrastructure by the Australian Government and is expected to support the market and the transition to large scale renewable generation.
Energy Storage
Following an initial period of production, the Project will transition to a store of energy for domestic consumption that is a number of times larger than Snowy 2.0. This will the market to better manage fluctuations in demand, decreasing the risk of market disruption and in particular supporting the market on peak days (high demand generally driven by seasonal variation). This will be particularly important when solar or wind is unable to service the market.
Storing energy in this way directly supports Australia's low-emission and renewable energy goals by increasing market efficiency and providing a reliable source of supply.
A common and proven practice in the United States, this means energy will be stored until required. This concept has proven safe and effective in facilities in Victoria and Western Australia.
