Energy Projects and Infrastructure Korea (EPIK) has declared the $589 million project "economically unfeasible" and ceased development activities in September.

After an inquiry from the Australian Competition and Consumer Commission for its gas inquiry, EPIK said the "volatility of the international LNG market and high LNG benchmark pricing" had "placed a downward pressure on the economics of the project".

It previously described the Newcastle terminal its flagship project but, as the Newcastle Herald reported last year, the project had found itself on less firm footing by late 2022.

The terminal had been declared critical state significant infrastructure in August 2019 by then-planning minister Rob Stokes, and was expected to add 110 petajoules to NSW's domestic market.

"The terminal could be operational by 2022-23 and provide supply for gas-fired power stations, helping to manage energy security during the period in which the Liddell power station is scheduled to close," John Barilaro said in 2019 as acting premier.

But EPIK never made it over the second planning hurdle - the filing of an environmental impact statement.

The ACCC warned the risk posed by conditions in the international LNG markets was not unique to EPIK.

"Rather, all the proposed LNG import terminals are exposed to this risk. It is possible therefore that other proposals could be abandoned, or delayed until conditions improve," it said in its January report.

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