Venture Global and Edison signed a 20-year contract for LNG cargos in September 2017. Despite that contract, Venture Global has not commenced deliveries to Edison, alleging technical problems at the Facility.
Venture Global started exporting LNG cargos in March 2022. The Facility produced at nameplate capacity (10 mpta) by September 2022 and reached Substantial Completion in November 2022.
As of today, the Facility has produced, exported and sold 355 cargos to the higher-priced spot market and generated more than US$ 20 billion in revenues. Based on Venture Global's October 9, 2024 letter, such spot market sales will continue until at least April 2025.
As a consequence of Venture Global’s failure to commence deliveries, Edison has commenced international arbitration against Venture Global for breach of contract.
About Edison
Edison is the oldest energy company in Europe, with more than 135 years of records, and is one of the leading operators in Italy with activities in the procurement, production and sale of power and natural gas and in energy and environmental services. The company is at the forefront of the energy transition challenge, through the development of renewable and low-carbon generation, energy efficiency services and sustainable mobility, in full agreement with the National Integrated Energy and Climate Plan (PNIEC) and the objectives defined by the European Green Deal. Edison has a highly flexible and efficient power generation park, consisting of 200 power plants including hydroelectric, wind, solar and highly efficient gas-fired combined-cycle thermoelectric plants. The Group's total net installed capacity is 6.5 GW. Today it operates in Italy and Europe, employing over 4,000 people.
About Venture Global LNG
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 first LNG in January 2022. The company is also constructing or developing an additional 60 MTPA of production capacity in Louisiana to provide clean, affordable energy to the world. The company is developing Carbon Capture and Sequestration (CCS) projects at each of its LNG facilities.