B.C. is looking to expand its capacity to export liquified natural gas at a time when a “glut” of competition could strangle the province’s ability to recoup its investment, a new study has found.
A spokesperson for B.C.'s Ministry of Energy, Mines and Low Carbon Innovation declined to respond to Glacier Media's request for comment until government formed and the minister was sworn in. O’Connor points to outlooks from the fossil fuel company BP which show gas demand has fallen 17 per cent between 2019 and 2023. The International Energy Agency, for its part, has revised its forecasts and now expects gas demand to plateau by 2030, notes the report.
They should also be aware, added the Carbon Tracker analysis, that “new LNG projects could put considerable strain on B.C.’s existing power infrastructure.”