The ACCC has undertaken a review of the LNG netback price series as part of the ongoing inquiry into the east coast gas market.
In 2020, the Australian Government announced that the ACCC will undertake a review of the LNG netback price series. The announcement was made as part of a broader range of government-announced measures seeking to increase gas supply, increase efficiencies in transporting gas, and improve the negotiating power of gas consumers in the east coast gas market.
A public review of the LNG netback price series in 2021 reflected:
- significant changes in LNG markets due to growing supply and increased trade in LNG spot markets
- findings from the ACCC review of pricing strategy documents obtained from east coast gas suppliers outlined in the January 2021 interim report.
The ACCC published its final decision paper in September 2021.
We are currently in the process of implementing the final decision to publish longer-term LNG netback prices.