WaveCrest Energy LLC announced a market consultation for its proposed Teesside Flexible Regas Port in advance of a planned capacity auction to be launched in the third quarter of 2024.

“Teesside Flexible Regas Port will provide flexibility and energy security to the UK, with the potential to deliver up to 248.5 GWh per day of natural gas, equivalent to around 17% of the country’s natural gas demand,” reads the WaveCrest Energy statement.

The market consultation process will commence on March 18 and close on April 26, and will enable participants to provide feedback on various aspect of the project including design, operational characteristics, and services offered.

Located in the port of Teesport in northeastern England, the project will contain onshore buffer storage and liquefied natural gas (LNG) regasification equipment, which will be connected to a dedicated marine jetty for the mooring and unloading of LNG carriers.

Regasified LNG will be transported from the project site through a short segment of high-pressure natural gas pipeline for delivery into the UK National Transmission System.

As it is claimed by the company, “this streamlined and cost-effective design will allow for a rapid construction time of less than one year, with a planned commercial operation date of 2026.”

Also, the project is designed to blend imported LNG with incoming North Sea natural gas flows, with the complementary ability to inject nitrogen into the gas stream.

This allows the receipt of supplies from most suppliers around the world providing broad market access while still meeting the UK’s National Transmission System specifications.

“The project supports the goals of the UK’s overarching National Policy Statement for Energy as it is capable of meeting peak gas needs, for example during the winter heating season,” WaveCrest Energy added.

Source: WaveCrest Energy LLC.