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Natural Gas Plays Key Role in Renewable Energy Transition, Elixir Energy CEO Says
“(Natural) gas provides the glue which allows renewables to work reliably and affordably and provide the public what they want,” Elixir Energy Managing Director and CEO Neil Young said.
As the world moves away from fossil fuels and toward renewable energy, Elixir Energy (ASX:EXR) Managing Director and CEO Neil Young views natural gas as an inevitable part of this transition.
“(With) the intermittent nature of renewables and the strong limitations on storage technologies such as batteries and pumped hydro, if you try and run a modern energy market with only those ingredients, you will face significant risks of failure. Gas is flexible. It can respond to clouds and the sun setting and batteries failing, and it can do so very rapidly," he said.
“Gas itself causes some emissions, but not much compared to other fossil fuels," he explained. "And ultimately, the few emissions that it does cause can be offset through various mechanisms, (including) carbon capture and storage, which has enormous potential. So we see it being a glue for the long term.”
Elixir Energy is making strong progress in delivering Daydream 2, the highest-impact well in the company’s history at its Grandis gas project in Queensland, Australia. The company also executed an information-sharing agreement with Origin Energy (ASX:ORG,OTC Pink:OGFGF), which includes a contribution by Origin of AU$1 million in non-dilutive funding for the well.
Watch the full interview with Elixir Energy Managing Director and CEO Neil Young above.
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