Some industrial users are being forced to pay higher – rather than lower – prices this year after the government’s market intervention.
I customers who are not contracted for the period from 1 January 2023 have been placed on to default tariffs . This is a very small proportion of AGL’s COrigin Energy, which also retails gas, said it was putting some existing industrial customers on temporary fixed-price contracts as it sought to avoid hitting them with default tariffs that were much higher.
A spokeswoman for Shell, which owns the QCLNG export venture in Queensland and also supplies gas into the domestic market, said the company was still examining how the new laws would affect its gas marketing, noting that gas marketing activity is subdued in any case at this time of year, with many plants closed for summer holidays.
The spot price for gas in Sydney on Tuesday was about $10/GJ, compared to an LNG “netback” price for gas exported from Queensland this month of $41.11/GJ, according to Australian Competition and Consumer Commission data. That suggests Queensland’s gas exporters could make about four times more revenue from selling gas into the Asian spot market than into the east coast spot market.
Mr Stabler said the combined impact of the reduced usage and exports sent gas production on the east coast to six-year lows, equivalent to January 2017 levels.includes slight modifications from the initial draft, including an exemption for gas sold via hubs at Wallumbilla in Queensland or Moomba in South Australia for delivery three days ahead.
Junior Comet Ridge and Queensland government-owned CleanCo further extended negotiation on a sales deal for gas from the Mahalo project in Queensland, with Comet Ridge managing director Tor McCaul citing “recent market uncertainty”.
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