Exports of liquefied natural gas via Corpus Christi have increased one hundredfold from...
After its invasion of Ukraine last year, European nations that relied on Russia to supply nearly half of the natural gas needed to heat their homes and generate their electricity began looking for other sources. They found them in Texas where, which operates a massive liquefied natural gas export terminal in Corpus Christi Bay, stepped up to fill the void.
The growth is continuing. This year, the port expects revenue to reach $196 million, up from $184 million in 2022 and $83 million in 2016. It moved a record 188 million tons last year — cargoes consisting of more than just crude oil and refined products. Cheniere built a $17 billion facility at the port that began liquefying and exporting natural gas in 2018. The company is investing another $8 billion at the site to bring its total capacity to 25 million metric tons of LNG per year by late 2025.
“Part of the calculus there, from the Russian side, was that Western Europe would cave,” Miles said. Russia “kept cutting supplies, and then the war and U.S. LNG rode to the rescue.”Last summer, however, the price of natural gas in the U.S. rose dramatically, to more than $9.50 per unit from less than $3 in 2021. The increase was a key factor pushing the average San Antonio household’s electric and gas bills to more than $250 last July, an all-time high.
LNG exports affected U.S. natural gas prices “on the margin,” Miles said, but a record-hot summer was a bigger factor. And he noted that gas remains far less expensive in the U.S. than in Europe, where monthly power bills last year spiked, with highs in some countries the equivalent of thousands of dollars.
The desalination effort has caused a rift between the port and the city over several issues, including which entity would manage the water. And it has spurred a yearslong legal battle with the Port Aransas Conservancy, which has sought to block development over concerns about issues such as where the port will place huge amounts of dredging spoils and the increased risk of oil spills.
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