A $1 billion-plus gas storage project that was expected to provide critical energy security for Victoria during the winter demand peak has collapsed into administration, just two weeks after the Carroll government awarded it a production licence and promised it would help cap energy bills.
The failure of GB Energy, which had signed up electricity and gas retailing giant Origin Energy as a key customer for its Golden Beach project, comes after repeated delays and a huge escalation of costs that weighed on attempts to secure funding to proceed.
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