Joint media release with Treasurer Josh Frydenberg and the Minister for Energy and Emissions Reduction Angus Taylor
The latest report of the Australian Competition and Consumer Commission (ACCC) Gas Inquiry underlines the importance of the Morrison Government's gas-fired recovery and support for further development of the nation's gas resources.
In its latest interim report for mid-2021, the ACCC found there is sufficient supply in the market for 2022.
The ACCC also reaffirmed its view that more gas needs to be brought to market to avoid any potential future shortfalls, in line with the Government's gas-fired recovery and the findings from the recent Interim National Gas Infrastructure Plan (NGIP).
The report notes the importance of getting more gas into the southern states, the key role of storage in the market and the potential ongoing need for LNG producers to supply gas to the domestic market.
Prices for supply in 2022 trended downwards in the first half of 2020 and, since mid-2020, most offers have been in the range of $6-8 per gigajoule (GJ).
The ACCC will continue to monitor LNG producers' compliance with the Heads of Agreement to ensure the 101 petajoules (PJ) of uncontracted gas in Queensland is made available to Australian gas users.
Treasurer Josh Frydenberg said the Government will continue to ensure domestic gas users receive the best deals and that prices remain affordable.
"The latest ACCC report, along with more recent gas market activity, demonstrates the importance of the gas-fired recovery to ensure the best outcomes for Australian households and businesses," the Treasurer said.
