The Albanese government says the power to decide volumes will safeguard domestic supply, but brokers warn it could break valuable long-term contracts.
Federal officials will have the power to decide how much LNG can be exported from Queensland every quarter under sweeping new rules proposed by the Albanese government.
The Albanese government has already mandated price controls for the gas industry, along with more onerous requirements for emissions reduction and He said the proposals have “no clear protections” for LNG sales contracts beyond ministerial discretion, and “explicitly enables the same effective result as breaking contracts”. The proposal openly contemplates the prospect of physically breaking contracts in its final paragraphs, he noted.
“The old ADGSM was like a fire brigade that would only take bookings more than a year in advance,” Mr Willox said. Mr Stewart said Queensland had taken the “sensible approach” by developing gas supply for export as well as the eastern states.The former Bligh Labor government facilitated the development of the CSG to LNG industry in 2009, championing it as an alternative to the coal industry which was hit hard by the global financial crisis.
China is however the biggest Asian buyer of LNG from Queensland, and so potentially the worst affected., However the proposed reforms do not specify Queensland as the target of the policy, so could in theory be applied in Western Australia or the Northern Territory should domestic gas shortfalls threaten there.that the Australian Domestic Gas Security Mechanism would be reviewed so it could better manage the pressures in the east coast market.
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