Energy company defends gas projects at shareholder meeting

Summarised from 2 outlets · Updated 23 Oct, 03:32 · Archive

APA Group, Australia's biggest energy infrastructure company, is spending $700 million on a pipeline as its chair defends gas's role in food production and energy security.

APA Group, Australia's biggest energy infrastructure company, announced a $700 million investment in a pipeline to deliver gas from Queensland to New South Wales at its annual meeting in Sydney on Thursday.

Chair Michael Fraser defended the role of natural gas in the nation's energy security and industry. He told shareholders that almost half of the world's fertiliser depended on natural gas, and that gas energy generation resulted in half the carbon emissions compared to coal. "Yes, there are time risks, obviously, but what's better, gas or starvation?" Mr Fraser said. He acknowledged gas had emissions but said the company would use different technology if available, whilst developing wind farms, solar farms and storage batteries alongside gas projects.

Activist shareholders contested this position. A resolution backed by more than 115 shareholders, including US and Norwegian pension funds, demanded transparency on the viability of new gas projects as nations' Paris climate goals affected demand. The motion, launched by environmental non-profit Market Forces, questioned APA's planned multibillion-dollar North to East Australia Pipeline, which would transport fracking gas from the Northern Territory's Beetaloo Basin. Market Forces corporate campaigner Angelica Mantikas said APA was relying on demand scenarios that ignored an impending global liquefied natural gas glut and major energy companies' concerns about Beetaloo fracking's economic viability. Richard Dennis, co-chief executive of the Australian Institute, added that most gas from Beetaloo would go overseas.

How it is being reported

• 'Gas or starvation': infrastructure boss backs projectsAustralia's biggest energy infrastructure company has defended the role of gas in the nation's energy security and industry, after committing to a new pipeline.The West Australian · 23 Oct, 03:01
• 'Gas or starvation': infrastructure boss backs projectsAustralia's biggest energy infrastructure company has defended the role of gas in the nation's energy security and industry, after committing to a new pipeline.Perth Now · 23 Oct, 03:01

In this story: APA Group · Michael Fraser · Market Forces · Angelica Mantikas · Richard Dennis · Queensland · New South Wales · Beetaloo Basin

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