A pending ACCC report indicates that Australia’s energy and industrial gas customers face a shortfall in domestic supplies next year, worsening cost pressures.
, according to a competition watchdog report that will put pressure on federal Labor and Victoria’s state government to boost production.
The report comes at a sensitive time for the government and Energy and Climate Change Minister Chris Bowen in particular as Labor negotiates with the Greens over legislating a 43 per cent emissions target. Greens leader Adam Bandt is demanding Mr Bowen ban new gas projects and exports, something Prime Minister Anthony Albanese firmly ruled out this week.
The rolling ACCC gas inquiry was established in 2017 by Malcolm Turnbull’s government, and extended two years later by former treasurer Josh Frydenberg to 2025. With electricity generators sucking up spot gas, heavy users such as manufacturers without firm contracts – which cannot easily use alternative fuels – have been forced to pay ever higher prices.Businesses have warned they will need to raise prices or even close down as they struggle to absorb the higher prices.
The government could elect to use the Australian Domestic Gas Security Mechanism and is considering whether to extend the mechanism’s powers beyond January 1, 2023, until January 1, 2030.
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