Equity Generation Lawyers (EGL) and Market Forces have formally lodged a complaint with the Australian Securities and Investments Commission (ASIC) against APA Group – Australia’s biggest gas pipeline operator – for misrepresenting the costs, scale and financial viability of producing fracked gas in the Beetaloo Basin, Northern Territory.
APA’s planned North to East Pipeline project would be Australia’s largest gas pipeline and enable fracking of the Beetaloo Basin in the Northern Territory.
Last year’s Market Forces report: Pipeline to Nowhere, analysis reveals fracking the Beetaloo sub-Basin would produce nearly 9.5 times the entire gas required for Australia’s National Electricity Market (NEM) for the next 25 years. It would take Australia’s NEM 237 years to use this much gas despite Australia’s net-zero by 2050 commitment.
Kyle Robertson, Head of Research, Market Forces said:
“It’s deeply concerning that Australia’s biggest gas pipeline company, APA, is fudging the figures to hide the high cost of Beetaloo gas.”
“We are urging ASIC to investigate how APA misled investors about the size of the gas resource in the Beetaloo Basin and why the company misrepresented the costs of producing the gas.”