Media release: East coast gas market review an opportunity to strengthen investment and increase supply

Australian Energy Producers welcomes the Federal Government’s review of the east coast gas market to deliver the natural gas needed to power the economy, put downward pressure on prices, and remain a reliable export partner. 

Australian Energy Producers Chief Executive Samantha McCulloch said industry supported the Government’s commitment to consolidating and streamlining regulations and creating a long-term stable regulatory environment to facilitate investment in new supply. 

“The review is an opportunity to future-proof the east coast gas market and ensure reliable and affordable gas supply for Australian households and manufacturers,” Ms McCulloch said.

“Natural gas will play a critical role in Australia’s energy mix for decades to come. The east coast gas market needs to be fit-for-purpose to support continued investment in our abundant gas resources and avoid projected shortfalls.  

Ms McCulloch said the review should focus on delivering new gas supply by streamlining regulation, restoring market signals, and eliminating duplicative and onerous reporting requirements. 

“The Government’s Future Gas Strategy makes clear that natural gas will remain critical to Australia’s energy security through to 2050 and beyond. This requires a strong, stable and competitive east coast gas market that encourages investment and timely supply.” 

The ACCC’s latest report on the east coast gas market released today underscores the urgent need to remove barriers to new gas supply to avoid forecast gas shortfalls. It found “the east coast has sufficient gas reserves and resources to meet projected domestic demand for at least the next decade”, but “a combination of policy, technical and commercial factors over the past 15 years has impeded their development”. 

“Australian gas producers are committed to delivering the reliable and affordable gas supply Australians need, and we look forward to working constructively with government, gas users and stakeholders throughout the review,” Ms McCulloch said. 

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