Government, Projects

300PJ of gas locked in until 2030

gas supply

The Federal Government has announced the successful acquisition of two enforceable commitments aimed at fortifying the east domestic gas market and helping the net zero transition.

The new commitments total 300PJ of gas until 2030, with APLNG and Senex contributing nearly 140PJ by the end of 2027. This marks a substantial move towards ensuring a steady and reliable gas supply for the evolving energy landscape.

Minister for Climate Change and Energy Chris Bowen emphasised the positive outcome.

“The new commitments will provide more affordable gas to the Australian market in the short to medium term and will provide the energy security that Australia needs as it makes its transition to net zero emissions,” he said.

According to the government, Australian gas producers and users welcome the certainty the code provides.

The Energy Users Association of Australia (EUAA) has echoed this sentiment, stating that the Gas Market Code of Conduct is a fundamental safeguard for Australian households and businesses.

The EUAA urged senators to vote in favor of the gas code, highlighting its vital role in protecting the interests of millions of Australian families and businesses while ensuring fair dealings with the gas industry.

The ACCC will play a pivotal role in overseeing compliance with the specific commitments outlined in the Gas Market Code of Conduct, ensuring companies adhere to legally enforceable regulations. Non-compliance with exemption conditions will incur the highest penalties available under the Code.

The Mandatory Gas Market Code of Conduct, which came into force in July this year, is scheduled for review no later than 2025.

Send this to a friend