Small Australian manufacturers have months of elevated gas prices as the market waits
for the government to finalise its much anticipated code of conduct, whichLabor in December capped contracted gas prices at $12/GJ after a vociferous campaign by small businesses struggling with surging prices and claims by Australian manufacturers they cannot survive unless the government acts.Josh Stabler, managing director of Energy Edge, said the intervention successfully lowered spot prices and decoupled the Australian market from international pressures.
“Unfortunately, it is difficult for the price cap to have any meaningful impact on gas prices in 2023 because the majority of retailers have already purchased their requirements for that period.
The ACCC backed the treasurer’s comments, putting the producers on notice for potential misuse of market power.
“The gas industry takes its obligations to its customers seriously and we take our compliance obligations seriously. Currently, there is a potential $50 million penalty hanging over the industry for breaching rules that are still being defined.” Retailers are exempt from the government’s gas market intervention, so there is no requirement for retailers to adhere to the $12/GJ cap.
He voiced concerns that gas suppliers were trying to force buyers onto the uncontracted gas market to bypass the government’s price cap of $12 on contracted gas.
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