The gas industry slammed the ACCC’s report for ignoring the lack of new supply from Victoria and NSW.
Gas producers have lashed out at the competition regulator, accusing it of demonising them in a report that has prompted the Albanese government to move towards anThe gas industry argued there is no shortage of gas, blaming manufacturers for failing to lock in supply contracts and regulations that constrain their ability to produce more, notably onshore gas restrictions in Victoria and NSW.
Electricity futures fell after Ms King’s announcement, sending benchmark prices in NSW for the June quarter of 2023 down towards $200 a megawatt-hour, from about $230/MWh. ”She knows the answer is more supply, but she’s not supported by her cabinet colleagues. The Labor government must put aside their politics and support projects like the Beetaloo Strategic Basin Plan introduced by the Coalition,” Ms McDonald said, referring to the undeveloped Beetaloo Basin in the Northern Territory.The step towards triggering the ADGSM was welcomed by large energy users, manufacturers and trade unions.
The government seized on the ACCC’s report, which it said had set out patterns of behaviour that were unacceptable.Industry Minister Ed Husic slammed the gas giants, effectively accusing them of appropriating unearned profits after spot prices jumped from $8 per gigajoule to $44. “We have to respect the investment they have made, the commitment they have made to our country, the jobs they have created in this country,” she said. “By the same token, we have to be assured that Australians will have access to gas.”
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