Western Australia’s domestic gas policy is helping ensure low prices for gas and electricity, in stark contrast to “ruinous” prices in Europe.
WA’s electricity market is at the same time less emissions-intensive than the NEM and coal powers only 38 per cent of generation, compared with 59 per cent, EnergyQuest said in an analysis of the June quarter.“With energy prices at eye-watering levels around the world, we believe that Western Australia now has the lowest gas prices in the OECD,” EnergyQuest said.
East coast gas prices in the June quarter ranged from an average of $6.36/GJ to $29.85/GJ, EnergyQuest said, with the bottom of the range marked by the average price received for domestic gas by Origin Energy in the quarter, while the top of the range was the Adelaide wholesale price at $29.85/GJ. The US benchmark gas price, Henry Hub, was still below the equivalent value for oil, at $US44 a barrel. At $US386 a tonne, coal was also below oil, at about $US88 a barrel, but almost tripled compared to the preceding quarter.
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