Comparison of LNG Terminal and NZ Steel Renewable Energy Projects
The LNG Terminal project costs $2.7 billion, while the NZ Steel project cost $140 million. The LNG Terminal's greenhouse gas (GHG) benefits are estimated at 0.284 Mt CO₂-e, compared to NZ Steel’s projected annual savings of 0.8 Mt CO₂-e. The NZ Steel project, funded by EECA, was expected to reduce emissions by 3.2 million tonnes by 2030 but lost funding due to government decisions. The LNG project may increase power prices despite potential benefits, while NZ Steel’s arc furnace aims to halve coal consumption and reduce government ETS obligations.
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The LNG Terminal project costs $2.7 billion, funded by households, while the NZ Steel project cost $140 million to replace a coal furnace with an electric arc furnace. Estimated greenhouse gas benefits from the LNG project are 0.284 Mt CO₂-e, compared to NZ Steel's projected 0.8 Mt CO₂-e annually.
The NZ Steel project, funded by EECA, was expected to contribute significantly to emissions reductions but was denied new funding. The LNG project may lead to higher electricity prices, while NZ Steel aims to reduce coal usage and government ETS costs by approximately $30 million annually. The comparison suggests a lack of alignment with climate priorities.
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