The ACCC’s latest gas inquiry report forecasts a supply shortfall of 30 petajoules (PJ) in Australia’s east coast gas market this year if the LNG producers were to export all their uncontracted gas. However, the LNG producers have enough uncontracted gas to prevent a domestic shortfall.
The ACCC has today published interim compliance and enforcement guidelines for the gas industry on the new Gas Market Emergency Price Order and explaining how the ACCC intends to exercise its enforcement role.
The ACCC has welcomed the Federal Government’s announcement of new work for the ACCC in scams, childcare, water trading and an extension of the ACCC’s gas inquiry role.
“We look forward to delivering on these new responsibilities, as well as our ongoing work to promote competition and fairer markets for consumers and small businesses,” ACCC Chair Gina Cass-Gottlieb said.
Gas inquiry
The Budget Papers highlight a number of significant challenges for Australians from rising electricity and gas prices.
The ACCC’s July 2022 Interim gas report, released today, forecasts the east coast of Australia could face a shortfall of 56 PJ in 2023. At the same time last year, our Gas Inquiry interim report found 2022 could face a 2PJ shortfall.