Gas supply measures offer new opportunity for stability
The federal government’s announcement of measures aimed at addressing a range of issues related to gas supply was a significant step and offered the opportunity to bring much-needed stability, APGA Chief Executive Officer Steve Davies said today.
Federal Energy Minister Angus Taylor, Resources Minister Matt Canavan and Treasurer Josh Frydenberg have announced a multi-pronged effort to increase gas supply and bring down domestic gas prices.
The government announced it will bring forward to this year the scheduled review of the Australian Domestic Gas Security Mechanism, that it will consider options to establish a prospective national gas reservation scheme, that it will increase transparency and supply in the gas market and that it will also work to improve supply through a number of additional actions.
“Gas is a crucial energy source for Australia,” Mr Davies said.
“Issues affecting gas supply in Australia cannot be addressed with a single policy response and today’s announcement recognises that.
“We now have the opportunity to take a thorough look at the entire gas supply chain and to consider all options available to achieve affordable and reliable gas supplies domestically.
“It is vital we take a broad view, beyond market intervention alone, and consider what policies can provide a framework that encourages the investment required to underpin gas supply into the future."
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