Labor needs to resolve the contradiction between its belated recognition of gas as a crucial transition fuel with its big-stick intervention, which is delaying urgently needed investment in new gas supply.
Australia’s east coast gas crisis will be made worse by the Albanese government’s big-stick intervention into the domestic gas market. That is the damning implication underneath the measured assessment of the Australian Energy Market Operator’s report on the outlook for east coast gas supply and demand.of gas shortfalls in southern states as early as this winter, even if Queensland’s contracted LNG exports are diverted from Asian customers to domestic gas users.
on the east coast. AEMO now says that the uncertainty created by Labor’s wholesale gas price caps and ongoing “reasonable price” controls is delaying the new gas projects. And gas shortfalls risk being aggravated by very high demand on winter days when the sun isn’t generating solar power and gas is needed to generate electricity.
, ageing coal plant breakdowns meant very expensive gas had to be burned to keep the lights on, and this pushed up wholesale electricity prices. Unable to recoup the difference between wholesale prices and the regulated “standing offer” to consumers, seven retailers shut their doors.
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