The gas industry is bracing for the federal government to reveal its long-term plans to tame domestic gas prices after participating in weeks of talks.
The gas industry is bracing for the federal government to reveal its long-term plans to tame domestic gas prices after participating in weeks of talks to argue the case that any new rules must not deter ongoing investment in exploration and development activities.
The most controversial proposal has been a requirement that gas contracts are struck at prices that reflect production costs plus a margin allowing for a “reasonable” rate of return – a change gas producers have criticised as a major intervention that ignores exploration and development risks and other significant expenses, and may imperil the availability and affordability of gas for Australian consumers.
“The extraordinary disruption to global energy markets arising from Russia’s invasion of Ukraine makes this code of conduct and reasonable price framework an essential part of the federal government’s efforts to shield Australia from the extremes of energy scarcity and price spikes occurring globally,” said Ben Eade, chief of Manufacturing Australia, whose members operate 500 factories nationwide.
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