The ACCC has granted interim authorisation for a range of measures allowing participants in the gas and electricity markets to work together to support Australia’s energy supply and systems during the current crisis.
An urgent application for interim authorisation was lodged by the Australian Energy Market Operator (AEMO) on Wednesday this week. The ACCC has moved quickly to consider and approve the interim application.
The ACCC has released its latest Electricity Markets Inquiry report, including an update to reflect current market conditions that shows electricity price rises have been significant and unprecedented in recent weeks.
The domestic gas contract prices offered to commercial and industrial users for supply in 2022 increased from $6-8/GJ in late 2020 to about $7-9.50 by mid-2021, and the supply outlook from 2022 onwards looks increasingly tight, the ACCC’s latest gas report reveals.
The ACCC has today issued a determination allowing joint marketing arrangements between the four owners of the Mereenie gas field in the Northern Territory. It is located in the Amadeus Basin, approximately 250 km west of Alice Springs.
Central Petroleum, Macquarie Mereenie, New Zealand Oil and Gas, and Cue Energy are currently the joint venture partners in the field.
The ACCC will not oppose Woodside Petroleum Limited’s (ASX: WPL) proposed acquisition of BHP Petroleum International Pty Ltd, a wholly owned subsidiary of BHP (ASX: BHP).
Woodside and BHP Petroleum supply domestic natural gas in Western Australia, and export Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), condensate and oil from Australia.
“We examined the proposed acquisition closely as it would combine two of the four largest domestic natural gas suppliers in Western Australia,” ACCC Chair Rod Sims said.