• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
Wind and Solar Cheaper than Gas Plants in Ontario and Alberta, Study Shows February 7, 2023
AI Predicts World Over 1.5°C Limit by 2030, Undercuts Climate Progress Reports February 7, 2023
February Brings Record Cold, Widespread Power Outages to Much of North America February 7, 2023
Solar Geoengineering Banned in Mexico After ‘Rogue’ Stunt February 7, 2023
Lithium Mine Divides Nemaska Cree Over Impacts, Benefits February 7, 2023
Next
Prev

LNG Canada On Track to Become ‘Financial Albatross’, Analysts Warn

November 25, 2021
Reading time: 3 minutes

JAXPORT/flickr

JAXPORT/flickr

106
SHARES
 

British Columbia’s only confirmed liquefied natural gas (LNG) terminal may be on its way to becoming a “financial albatross”, according to a new analysis released Wednesday, even as a developer continues to tout a second LNG project in Howe Sound, just north of Vancouver.

The LNG Canada megaproject was approved with lavish provincial subsidies in 2018, producing a massive emissions gap in the province’s climate plan. Now under construction, it’s the intended terminus for the Coastal GasLink pipeline that has become a trigger for militarized raids on unceded Indigenous land and a railway blockade in the weeks leading up to COVID-19 lockdowns in 2020.

  • Concise headlines. Original content. Timely news and views from a select group of opinion leaders. Special extras.
  • Everything you need, nothing you don’t.
  • The Weekender: The climate news you need.
Subscribe

Now, a report by the Institute for Energy Economics and Financial Analysis (IEEFA) says the first phase of LNG Canada “could be the last liquefied natural gas project built in British Columbia” given changing market conditions, project delays, rising costs, and policy shifts.

“Over the last three years, market shifts and policy changes have tested LNG Canada’s long-term economic viability,” said lead author Omar Mawji, IEEFA’s energy finance Canada analyst. “This project could become a financial albatross for its sponsor investors, and it stands as a warning to other natural gas producers” involved with natural gas fracking projects in the Montney Basin in northeastern B.C.

That isn’t a good look for Phase 2 of the LNG Canada venture, or for other LNG projects that B.C. Premier John Horgan and his Liberal Party predecessor, Christy Clark, have been desperately promoting for years.

“If the project sponsors assessed the energy landscape today instead of 2018, they would likely have been far more cautious in deciding whether to move forward with Phase 1,” Mawji said in an IEEFA release. “The conditions do not bode well for other LNG projects in Canada.”

IEEFA released its analysis just a day after Woodfibre LNG announced it had signed a C$2.5-billion deal to build a terminal on Howe Sound, the Squamish Chief reports. The contractor, Houston-based McDermott International, recently emerged from bankruptcy protection in the United States after “facing enormous cost overruns at construction projects for two LNG plants,” the Houston Chronicle recounted. Woodfibre said it chose McDermott based on its experience with low-emission facilities—a feature the company is touting based on its access to electricity from large hydro dams in B.C.

“One of the things they bring to the table is a philosophy of low-emissions LNG construction, and that’s our philosophy as well,” said Woodfibre spokesperson Rebecca Scott. “So when you’re working with the engineers who are going to design the facility, you want to make sure you’re aligned on what you want it to be like.”



in Canada, Climate & Society, Community Climate Finance, Energy / Carbon Pricing & Economics, First Peoples, Fossil Fuels, Hydropower, Jurisdictions, Pipelines / Rail Transport, Renewable Energy, Shale & Fracking, Sub-National Governments

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Peoplepoweredbyenergy/Wikimedia Commons
Ending Emissions

Wind and Solar Cheaper than Gas Plants in Ontario and Alberta, Study Shows

February 7, 2023
271
The hottest summer days in a typical New York City year are now about 11 times more frequent than in the 19th century. Image: Andreas Komodromos via Flickr
Carbon Levels & Measurement

AI Predicts World Over 1.5°C Limit by 2030, Undercuts Climate Progress Reports

February 7, 2023
77
Andre Carrotflower/wikimedia commons
Severe Storms & Flooding

February Brings Record Cold, Widespread Power Outages to Much of North America

February 7, 2023
43

Comments 1

  1. Pingback: Weekly News Check-In 12/10/21 | No Fracked Gas in Mass

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Peoplepoweredbyenergy/Wikimedia Commons

Wind and Solar Cheaper than Gas Plants in Ontario and Alberta, Study Shows

February 7, 2023
271
Beckyq6937/Wikimedia Commons

Solar Geoengineering Banned in Mexico After ‘Rogue’ Stunt

February 7, 2023
120
Michael E. Brunk/flickr

Green Building ‘Heroes’, Climate Contrarian ‘Zombies’, Shell Lawsuits, and ‘Sponge Cities’ to Solve Flooding

February 7, 2023
99
Peter Broster/wikimedia commons

Ottawa Mulls Higher-Speed Trains on Busy Toronto-Quebec City Corridor

February 7, 2023
85
The hottest summer days in a typical New York City year are now about 11 times more frequent than in the 19th century. Image: Andreas Komodromos via Flickr

AI Predicts World Over 1.5°C Limit by 2030, Undercuts Climate Progress Reports

February 7, 2023
77
Brian Robert Marshall/Geograph

Canada’s Solid Renewables Growth Falls Short of Net-Zero Ambitions

February 7, 2023
70

Recent Posts

Andre Carrotflower/wikimedia commons

February Brings Record Cold, Widespread Power Outages to Much of North America

February 7, 2023
43
Nemaska Lithium/Facebook

Lithium Mine Divides Nemaska Cree Over Impacts, Benefits

February 7, 2023
27
Mike Mozart/Flickr

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

February 4, 2023
365
Gina Dittmer/PublicDomainPictures

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
213
CONFENIAE

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
82
Ken Teegardin www.SeniorLiving.Org/flickr

Virtual Power Plants Hit an ‘Inflection Point’

January 31, 2023
141
Next Post
kris krüg/Flickr

Suzuki Apologizes, Stresses Urgency of Climate Action as Kenney Goes to Town on Pipeline Remark

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}