NT utility losses exceed A$500 million amid gas supply disruption
Eni's Blacktip platform remains shut after cyclone damage, leaving Power and Water Corporation reliant on other gas suppliers.
The NT government-owned Power and Water Corporation has reported losses exceeding A$500 million over three years, as disruption at its main gas supplier forced it to purchase more expensive emergency supplies.
Its 2025/26 financial report recorded a pre-tax loss of A$233 million, compared with A$173 million the previous year. The corporation attributed its poor performance to higher energy costs after Eni curtailed supplies.
Eni's Blacktip platform remains closed nearly a year after Tropical Cyclone Fina damaged it. The gas field had been expected to meet the NT's energy needs until 2031. Eni said it had declared force majeure and that repair work and preparations to resume production were continuing.
Australian Energy Market Operator data shows the Bonaparte pipeline, which links Blacktip with the Territory's gas network, has carried no gas for at least three months.
Emergency purchases from Santos and Inpex have helped cover the shortfall. Energy analyst Rick Wilkinson said the LNG exporters were supplying about a third of the Territory's gas and had prevented blackouts, but also had existing commitments to overseas customers.
PWC is seeking damages from Eni over losses caused by reduced supply. Its report said the dispute had gone to arbitration, with any recovery dependent on the outcome.
The corporation said all gas for the Territory's gas-fired generators was now coming from suppliers other than Eni. It said those arrangements could meet Territory Generation's requirements for the foreseeable future.
The NT government increased electricity prices by 5.3 per cent in June, citing inflation and higher subsidy costs associated with gas supply difficulties.
