National Grid signs 25-year deal for Grain LNG: A 25-year contract has been signed between National Grid and Qatar Terminal Limited (QTL) to provide storage & redelivery capacity at its Grain Liquefied Natural Gas (LNG) terminal.
Located on the Isle of Grain in Kent, Grain LNG, currently has the capacity to deliver and store plenty of gas to meet at least 25% of the UK’s demand.
With a site that spans more than 600 acres in entirety, it is the largest terminal in Europe and the eighth largest in the world by tank capacity,
Kicking off in November 2019, the agreement marks the ending of Grain LNG’s competitive ‘Open Season’ process.
The UK has recently benefitted from a rise in LNG imports according to National Grid, which have contributed to lower wholesale gas prices by increasing ‘gas-on-gas’ competition.
“Today is an important day for gas security, for Grain LNG and for the community around the Isle of Grain. LNG imports play a critical role in making sure the UK has the gas it needs, when it needs it.
“This agreement ensures that Grain will continue to offer the UK a flexible and reliable supply of gas to complement the growth of intermittent renewable generation. It also secures the future of a facility that is a significant contributor to the economy on the Isle of Grain. I look forward to working with QTL in the coming years and to continuing to operate a world-class asset that market participants and UK consumers can rely on.” Managing Director of National Grid Ventures, Jon Butterworth added.
National Grid signs 25-year deal for Grain LNG