It’s become clear that the hydrogen dream, and some of the major projects focused on its development, is dead, and that’s having an impact on the Port of Argentia’s Cooper Cove dock extension project.
Port CEO Scott Penney says the port expansion would have seen them double their capacity, but that’s now in jeopardy.
Penney says the port is pushing the limits of its current capacity, and needs to expand. He says they’re now looking at ways to ensure that the project goes ahead.
The Port of Argentia (used with permission by the Port of Argentia)
“We have an equity stake in that project, and with the hydrogen piece gone, our revenues that would have come from that, and equities and dividends, also is gone. So, we’ve got a shortfall, and now we’re looking at how we can make up that shortfall to make sure that the project doesn’t die.”
He says there are still plenty of opportunities on their doorstep, and Cooper Cove would give them the stability they need to grow. He says they’re looking for short-term tax relief from the Town of Placentia. He says since 2020, the port has contributed just over $6.3 million to the town in taxes. Penney says they’re trying to make sure “history doesn’t repeat itself.”
“Argentia would have been an ideal site for the Vale operations; it would have been an ideal site to have the graving dock gates that would have been part of the West White Rose Extension installed, but those two projects fell off and we weren’t successful. We want to make sure that this doesn’t go down that road.” He suggests that any success the port has is transferred to the town and surrounding region in taxes and employment.
