The Prime Minister has reconfirmed the Government will explore options for a prospective gas reservation scheme. This aims to ensure Australian gas users get the energy they need at a reasonable price.
This is part of a series of market and regulatory measures aimed at promoting the supply of affordable, reliable gas to the domestic market. Earlier this year, our department released a review of the Australian Domestic Gas Security Mechanism. This mechanism helps ensure sufficient supply of natural gas to meet our forecast needs.
We are now seeking submissions from interested stakeholders to inform consideration of whether a prospective reservation scheme could succeed and whether it should be applied at the national level.
This process will involve extensive consultations with industry, states and territories.
In considering options for a prospective reservation scheme, we will:
- investigate the effects of a national gas reservation scheme on domestic gas markets, the economy, trade and investment
- examine approaches to gas reservation within Australia and overseas
- look at market and regulatory frameworks that would support reservation
Submissions are open until 27 November.