APA Group walks away from multi-billion dollar electricity tenders and doubles down on gas
The $11bn infrastructure giant's move is clearest evidence to date of a shift in its strategy towards the energy transition.
Listed energy infrastructure play APA Group has pulled out of competitive processes for two multi-billion dollar electricity projects as the company doubles down on gas instead.
Capital Brief can reveal the $11 billion ASX-listed company has pulled the pin on the New England Renewable Energy Zone as well as the VNI West project connecting Victoria and New South Wales where it was considered the preferred bidder.
"APA has reviewed its electricity transmission strategy and made the decision to not participate in current tender processes underway for major, stand-alone electricity transmission projects on the east coast," a company spokesperson said in a statement.
The decision to walk away from the two projects has not yet been reported, and marks the biggest moves in a strategic shift by the company. APA, traditionally a gas company, had promoted such projects as a way to future-proof its business through the energy transition.
