Australia's gas industry has continued to ensure domestic supply to avoid forecast shortfall risks in the east coast market this year, according to the Australian Competition and Consumer Commission (ACCC).
The Australian Petroleum Production & Exploration Association (APPEA) today said the latest ACCC Gas Inquiry Interim Report showed there would be sufficient gas supply this year, with the government confirming there was no need to trigger gas export controls under the Australian Domestic Gas Security Mechanism (ADGSM).
APPEA Chief Executive Samantha McCulloch said: "The gas industry continues to fulfill its long-held commitment to supply the domestic market and power millions of Australian homes and businesses.
"The industry has worked constructively with authorities to ensure supply, including through the latest the Heads of Agreement (HoA) put in place in September 2022, and the ACCC is now comfortable there will not be a material shortfall this year.
"We stepped up as an industry last winter to keep the lights on for millions of homes and businesses when other east coast energy sources faltered, and the industry will continue to ensure domestic supply."
But Ms McCulloch said the ACCC update further highlights the longer-term gas supply deficits in southern states.
"The report again demonstrates why we need new gas supply investment to meet demand and put downward pressure on prices, in particular in southern states" she said.
"There is a need for the Commonwealth and Victorian and New South Wales state governments in particular to outline a clear strategy to promote investment in new gas supply."
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