NSW manufacturer Causmag is hoping for a big reduction in the price for gas supplied in 2023 after the passage of the gas bill, which was strongly influenced by the ACCC.
NSW magnesium products maker Causmag International is hoping for a big reduction in the price that its retailer AGL Energy and others offer gas in 2023 afterJust two weeks before the year’s end, the small manufacturer in Young has no gas lined up past January 1 as it desperately waits for a cut in offers from around $30 a gigajoule.
“We note that the price caps don’t apply to the spot market, only to contracted gas, and the only way we can get contracted gas is to go through a retailer,” he said. But the EUAA said the old saying “the solution to higher prices is higher prices” only works in a properly functioning competitive gas market and does not apply to the east coast where LNG exporters control over 80 per cent of reserves and restrictions in NSW and Victoria prevent new supply being developed.
As a result, the “reasonable price” provision that applies after the cap lapses is “the key positive development” for the EUAA’s members and the wider economy, it said. It pointed to Australian Energy Market Operator findings in 2019 that the lifecycle cost of the most costly sources of gas was less than $9.50/GJ, with most sources much lower, meaning that gas producers stood to make “windfall gains” from the war in Ukraine.
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