The competition watchdog warns committed east coast gas supplies could fall short in 2023 as it calls on providers to release more of their uncontracted supplies.
Many producers have reportedly been on a "gas strike", angered by the way the government handled the intervention, and frustrated by what they considered a lack of detail over how the new rules would work.The government has also given the ACCC power to enforce so-called reasonable pricing provisions on gas suppliers indefinitely.
The ACCC noted in its report that LNG netback prices — a measure of local gas prices — ranged from $13 a gigajoule in mid-2021 to $39 a gigajoule in mid-2022.At the heart of the rises, the ACCC said, was the concentration of market power in the hands of a few big gas exporters, which it said had "influence over nearly 90 per cent" of proven reserves.
Chief executive Samantha McCulloch noted the ACCC had also highlighted the need for more investment in the gas industry to boost supplies.
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