Basic illustration of project technology
Liberty Natural Gas LLC (Liberty) is proposing the Port Ambrose Project, an offshore energy infrastructure project designed to deliver natural gas to the New York and New Jersey regional market during times of peak demand primarily in the winter heating season.
Liberty’s sponsors, West Face Capital (WFC), intend to invest approximately $600 million of private equity into Port Ambrose, a project that does not rely on ratepayers or government subsidiaries.
In an update report for 2014, ICF International estimates the annualized Port Ambrose consumer benefit to New York and New Jersey natural gas consumers at [$300] million a year from 2018 a number in line with their 2011 submission for the project. However, in addition ICF has identified the project’s ability to mitigate the Polar Vortex peak winter electricity shock caused by volatile fuel prices. On peak days this fuel penalty cost local consumers between $600 million and $900 million a day
Port Ambrose consists of specially designed dual purpose LNG Shuttle and Regasification Vessels (SRVs) that transport LNG to a remote offshore location for regasification and supply of supplemental natural gas directly into a new subsea pipeline system feeding directly into the existing Transco Lower New York Bay Lateral pipeline serving New York
Each delivery will provide an average of 400 million cubic feet of natural gas a day – enough gas to meet the energy needs of 1.5 million homes – and priced at a discount to competing long-haul pipeline supplies.
Reduced and more stable natural gas prices also mean lower cost and more reliable electricity produced from gas, making regional gas-fired power (electricity) generation more competitive while lowering overall smog produced from the burning of other fossil fuels.
Port Ambrose will create over 800 construction jobs, dozens of permanent and contracted operations jobs and 30 years of additional revenue through federal and state taxes and long-term trading and operational employment opportunities.
