The Albanese government is under pressure to pull the gas trigger, and has reiterated its support behind developing new gas fields.
to force more supply into the domestic market, and has reiterated its support behind developing new gas fields to lower prices, as industry pleads for action over “apocalyptic” domestic gas prices,
Dr Chalmers said no decision had been made on the trigger, but it would be part of forthcoming discussions with industry regulators and his colleagues, Resources Minister Madeleine King and Energy Minister Chris Bowen., saying there was no simple solution to a “perfect storm” of conditions.Advertisement
“Without an urgent response in the short term, Australia risks derailing an orderly transition to net zero emissions and losing the very manufacturing capabilities we will need to underpin new industries in the future.”One senior source said the trigger, which has never been pulled, was activated by supply and price was a direct consequence of supply.All the government needed to do was threaten the industry with the trigger, and it would respond.
“Domestic supply is secure and at near record levels. While we understand that current spot prices are under pressure and we are working with all parties to resolve this issue, the vast majority of manufacturers are either long-term, lower price contracts or aren’t major users of gas and so not materially affected by gas prices.”
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