Gas Supplies in Australia to Rise and Secret Contracts to be Scrapped
New reforms agreed by the state and federal ministers at the Coag energy council meeting in Canberra will expand gas supplies and force suppliers to publish previously secret gas prices. This will end the current practice of secret gas deals. Federal Environment and Energy Minister Josh Frydenberg said:
“Going forward, we want new gas contracts to be transparent. That is a very significant change,” “We’ll have a bulletin board that will publish the prices of the gas contracts that have been agreed.”
Frydenberg also said that this move represented the “the most significant reforms to the domestic gas market in two decades”.
A gas market reform group will be set up that will be required to find ways of increasing both the gas supply and suppliers. The council have also agreed to look for new ways consumers can take advantage of new technologies, such as battery storage.
All Australian states, apart from Victoria who have a ban on coal seam gas, have agreed to focus on expanding onshore gas activities. The state government in Melbourne have agreed to consider their position.