Resources Minister Madeleine King flagged an overhaul to the so-called gas “trigger”, which could make it easier to use and shift the focus from supply to price, but stressed it was not a panacea to the current energy price crisis.
on Sunday the need to extend its operation provided an opportunity to reconsider how it operates.“It would be pertinent to have a review of the mechanism itself,” she said. “People will bring submissions in and everything can be on the table from the start, and we will try and design a better mechanism.”
Mr Bowen said Labor would consider all “sensible measures” to improve energy supply, including establishing a gas reserve on the east coast similar to Western Australia. He will chair a meeting of state and territory energy ministers on Wednesday to discuss short- and long-term solutions to the current crisis.– which forces exporters to free up more gas for the domestic market – is thought to be too complex and slow to use.
The legal requirement for there to be a supply shortage had not been met, Ms King said last week. “It’s a spike in pricing brought on by a whole lot of factors including really sudden demand from cold weather,” she said, adding the pipeline from Queensland to the southern states was already at capacity.
It was also affected by overseas factors such as the market upheaval caused by the war in Ukraine, which Mr Rynne said would likely continue affecting prices even after shorter-term domestic supply issues were resolved.
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