ACCC confirms need to increase gas supply

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14 November 18, 12:47pm Demand for #natgas is expected to surge 45 per cent by 2040 with #gas providing 25 per cent of global energy demand… https://t.co/iWvjaGvVJM
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by APPEALtd
14 November 18, 8:45am The latest @IEA report identifies the vital role Australia’s #natgas will play in delivering a more secure, afforda… https://t.co/0qpoB55FXN
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by APPEALtd
14 November 18, 8:11am Forecasts by @IEA show global demand for #natgas will surge over the next 20 years, creating a phenomenal #economic… https://t.co/bV4jkGNYnG
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by APPEALtd
13 November 18, 1:24pm Enter now - 2018 Environment and Safety Excellence Awards focus on safety and #environmental excellence and highlig… https://t.co/N1QSi3u3fk
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by APPEALtd

The Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims has today confirmed the pressing need for policy and regulatory changes to enhance gas supply in the eastern Australia market.

“Rod Sims has confirmed that more gas and more gas suppliers are needed to increase competition, put downward pressure on prices and ensure reliable supply,” said APPEA Chief Executive Dr Malcolm Roberts.

“While attention is often focused on market conduct and structure, the ACCC is right to indicate that a more competitive market requires removing barriers to developing gas.

“As Mr Sims said, moratoriums are ‘blanket bans’ on supplying gas.

“Analysts are becoming increasingly concerned by the widening gap between local demand and local supply in states such as NSW and Victoria. NSW already imports 95% of its gas.

“There is a risk we will see an artificial shortage of supply in those states if development of new local reserves is blocked.

“The commercial climate for exploration and development is already difficult.  Fewer onshore exploration wells were drilled in 2015 than at any other time in the last 20 years.

“There is an urgent need for policies that provide greater certainty, support exploration and reduce exploration and development costs.”