The ACCC has today commenced publication of LNG netback prices on its website.
An LNG netback price is an export parity price that a gas supplier can expect to receive for exporting its gas. It is calculated by taking the delivered price of LNG and subtracting the costs of liquefying natural gas and shipping it to the destination port.
While conditions in the east coast gas market have eased considerably since the extremes reported in 2017, only action by governments and the gas industry to increase domestic gas supply can bring material price reductions into the future, according to the July 2018 Gas Inquiry Interim Report released by the ACCC today.
Based on current projections for the supply-demand balance, there will likely be sufficient gas in 2019 to meet demand.
The ACCC’s recommendations to significantly improve electricity affordability for Australian consumers and businesses are outlined in its final Retail Electricity Pricing Inquiry report, released today.
The Inquiry, which commenced in March 2017, began by identifying the root causes of high electricity prices across the entire electricity supply chain, and has now made 56 recommendations detailing ways to fix the National Electricity Market.