Economy

Queensland cautions Turnbull against gas export cap

Queensland cautions Turnbull against gas export cap”

"Based on the most recent information from industry, together with AEMO's forecast demand, gas supply remains tight in eastern and south-eastern Australia in 2018 and 2019, and there remains a risk of a supply shortfall", Australian Energy Market Operator Chief Executive Audrey Zibelman said in a statement. Both bodies forecasted a shortfall of nearly 110 petajoules of gas next year, which could be the same case as in 2019.

He has also warned the heads of Australia's energy companies that the commonwealth may have to impose strong export controls to keep more gas onshore for domestic use, after experts warned of a huge gas shortage next year.

Shorty after the report was made public, Australian Prime Minister Malcolm Turnbull announced that the government would enact a policy to restrict export and reserve supply for the domestic market, if the country's LNG producers did not attempt to fix the problem.

The premier has called for a national approach to energy supply - an issue she will raise at the next Council of Australian Governments meeting.

But according to some experts, addressing the issue may be proven hard for Aussie gas companies. "We want to see a plan from them- we want to see a commitment- then we want to be satisfied that it meets the requirements of the ACCC", The ABC quoted Turnbull as saying. He will reportedly again write to the premiers of Victorian and New South Wales and Northern Territory chief minister to encourage them to lift moratoriums on gas exploration and development. NSW Resources and Energy Minister Don Harwin rejected his criticism.

Mr Pitt said that would have a detrimental impact on jobs in the Queensland LNG industry, and the state shouldn't be punished for other states' shortcomings.

Turnbull has criticised NSW for not moving quickly to approve the Narrabri gas project.

Queensland's Treasurer repeated the call for the Commonwealth to support an east coast gas pipeline to distribute gas more easily from Queensland to the southern states.



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