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  • Venture Global and Grain LNG sign new deal further strengthening the security of supply of natural gas to the United Kingdom
    édité le 06/02/2024 - Plus de news de "Venture Global LNG" - Voir la fiche entreprise de "Venture Global LNG"


Venture Global and Grain LNG sign new deal further strengthening the security of supply of natural gas to the United Kingdom
Grain LNG and Venture Global have announced the execution of a binding long-term terminal use agreement (TUA) enabling the regasification and sale of LNG from all of Venture Global’s terminals in Louisiana, including CP2 LNG, subject to obtaining necessary federal permits. Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum (3MTPA) of LNG storage and regasification capacity at the Isle of Grain LNG receiving terminal for sixteen years beginning in 2029-equivalent of up to 5% of average UK gas demand.

This is the second agreement from Grain LNG’s competitive auction process which was launched in September 2023. The successful outcome of the auction further secures the future of Europe’s largest LNG import terminal into the mid 2040s.

Currently undergoing a significant expansion, Grain LNG will soon have enough regasification capacity to service approximately one third of the UK’s gas demand, serving as a gateway to the UK energy market as well as the broader European region. The UK has recently seen a significant rise in LNG imports as Europe has diversified its LNG sources.

With volumes across its projects – Calcasieu Pass, Plaquemines LNG and CP2 LNG – this investment will bolster Venture Global’s status as a strategic supplier to Europe. This flexibility and access to Venture Global’s volumes will be critical to the UK and Europe’s efforts to replace LNG volumes from other suppliers. To date, Venture Global has exported about 75% of its cargoes to Europe.

Mike Sabel, CEO of Venture Global said: “Venture Global is thrilled to announce our first investment in LNG infrastructure outside of the United States, bolstering our ability to supply LNG from all our projects. The Grain LNG terminal is an important gateway to the broader European market, and we look forward to supplying the region through this new access point for years to come.”

Katie Jackson, President of National Grid Ventures said: “I’m delighted that we are today able to announce the second result from our September auction, commencing a long term partnership with Venture Global. LNG imports play a critical role in making sure the whole of the UK has the gas it needs, when it needs it, providing a flexible and reliable supply of gas to heat peoples’ homes.

The UK has recently seen a significant rise in LNG imports as Europe has sought alternative energy sources. The addition of our first US customer further diversifies our supplier base, underpins UK consumers’ energy security and guarantees the future of our world-class site out to 2045.”

About Venture Global

Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global’s first facility, Calcasieu Pass, commenced producing LNG in January 2022. The company’s second facility, Plaquemines LNG, is under construction and expected to produce first LNG in 2024. The company is currently constructing and developing over 70 MTPA of nameplate production capacity to provide clean, affordable energy to the world. Venture Global is developing Carbon Capture and Sequestration (CCS) projects at each of its LNG facilities.

About National Grid Grain LNG

National Grid Grain LNG, a wholly owned subsidiary of National Grid, owns and operates the UK’s first modern LNG importation terminal, playing an important role in securing UK gas supply.

Commissioned in July 2005, the terminal is currently undergoing expansion to be able to provide up to 33% of the UK’s gas demand. LNG – liquified natural gas – is essentially the gas used in homes and business, which has been chilled to -161 degrees centigrade to turn it into a transportable liquid state.

In addition to regassification, Grain LNG offers add-on services including truck loading bays, reloads, cool-downs and trans shipments.

About National Grid Ventures

National Grid Ventures operates outside of National Grid’s core regulated businesses in the UK and US where it develops, operates and invests in energy projects, technologies and partnerships to accelerate the development of our clean energy future.
National Grid Ventures operates a diverse portfolio of energy assets across the UK and US, including subsea electricity interconnectors, competitive transmission, wind and solar generation, battery storage and LNG storage and regasification.

About National Grid

National Grid sits at the heart of Britain’s energy system, connecting millions of people and businesses to the energy they use every day. Our individual companies run the systems and infrastructure that deliver electricity across the country.

National Grid is pivotal to the energy systems in the UK and the north-eastern United States. We aim to serve customers well and efficiently, supporting the communities in which we operate and making possible the energy systems of the future.

National Grid in the UK

We own and operate the electricity transmission network in England and Wales, with day-to-day responsibility for balancing supply and demand. We also operate, but do not own, the Scottish networks. Our networks comprise approximately 7,200 kilometres (4,474 miles) of overhead line, 1,500 kilometres (932 miles) of underground cable and 342 substations.
Other UK activities mainly relate to businesses operating in competitive markets outside of our core regulated businesses; including interconnectors and a liquefied natural gas (LNG) importation terminal – all of which are now part of National Grid Ventures. National Grid Property is responsible for the management, clean-up and disposal of surplus sites in the UK. Most of these are former gas works. National Grid Electricity Distribution is the regional electricity distribution division of National Grid. Formerly known as Western Power Distribution, the UK’s largest electricity distribution network serves nearly 8 million customers in the East and West Midlands, South West and Wales, delivering essential power to millions of homes and businesses across its regions.


Origine : Communiqué Venture Global LNG

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