Venture Global will not begin deliveries until April 2025, at the earliest
Milan, Italy, October 14, 2024 - Edison announces that on 9 October 2024 Venture Global informed the Group that it will not commence deliveries of LNG cargos to Edison from the Calcasieu Pass Facility until April 2025, at the earliest.
Venture Global and Edison signed a 20-year contract for LNG cargos in September 2017. Despite that contract, Venture Global has not commenced deliveries to Edison, alleging technical problems at the Facility.
Venture Global started exporting LNG cargos in March 2022. The Facility produced at nameplate capacity (10 mpta) by September 2022 and reached Substantial Completion in November 2022.
As of today, the Facility has produced, exported and sold 355 cargos to the higher-priced spot market and generated more than US$ 20 billion in revenues. Based on Venture Global's October 9, 2024 letter, such spot market sales will continue until at least April 2025.
As a consequence of Venture Global’s failure to commence deliveries, Edison has commenced international arbitration against Venture Global for breach of contract.
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Edison Press Office
http://www.edison.it/it/contatti-2
Elena Distaso, 338 2500609, elena.distaso@edison.it
Lorenzo Matucci, 337 1500332, lorenzo.matucci@edison.it