The policy proposal would increase the risk of blackouts by cutting supply, and could derail the $18.4 billion takeover bid for Origin Energy, industry and analysts say.
announced by Energy and Climate Change Minister Chris Bowen, by seeking to heavily regulate the prices of all gas sold on the east coast domestic market on an ongoing basis.
“This is the single worst piece of energy policy I have seen anywhere in the world in almost 20 years looking at global energy markets, despite staunch competition from many other dreadful policies around the world,” said Mark Samter, energy analyst at independent firm MST Marquee. , would make gas produced and sold on the east coast market subject to a “reasonable price provision” that kicks in after the price cap on uncontracted gas that will be in effect through 2023. Price caps will also apply to thermal coal sold in the domestic market, at $125 a tonne.
Woodside Energy, owner of half the Gippsland Basin joint venture, has already warned that the price cap proposal has destroyed the confidence that both buyers and sellers need to complete gas sales deals that would keep the economy moving”.“The biggest victims by the end of the decade will be Queensland taxpayers again, and jobs along the gas value chain,” Mr Kavonic said.
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