A report by EnergyQuest shows the gas price spike occurred despite supplies increasing in the first quarter of 2022.
The spike in gas prices has occurred despite a small rise in supply and a reduction in exports, a report has found, but the increase in the surplus was insufficient to meet the increased demand caused by a spate of coal power outages amid an energy crisis.
EnergyQuest estimates east coast supplies increased by 3.8 petajoules to 478.9 petajoules in the March quarter, compared to a year earlier. In the first three months of 2022, EnergyQuest estimated 23 per cent of gas was being used for power generation, up from less than 19 per cent a year earlier.
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