Santos CEO Kevin Gallagher said the options to immediately increase gas supply were scarce amid the strain of coal fire generator outages and underperforming renewables.
Mr Gallagher weighed in on the issue during Sky New Australia’s Economic Outlook forum on Wednesday afternoon.“What’s effectively happened over the last decade as gas resources have been used up and new projects have not been able to come forward and be developed and bring new supply into the market, all the buffer and all the slack in the system has been used up.”
Santos chief executive officer Kevin Gallagher says there is no quick fix to Australia’s energy crisis as power prices skyrocket amid supply shortages. Picture: Glenn Campbell. In addition, Santos will spend billions to drill extra wells in South Australia’s Cooper Basin which would deliver another 15 terajoules a day of gas by the end of the year.
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