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Australia Approves Gas Price Cap

NATURAL GAS

Australia's parliament passed legislation setting a price cap on natural gas prices for one year at A12/GJ, according to Reuters.

  • The price cap will apply to new wholesale gas sales by east coast producers and is less than half the average short-term price of A$26/GJ in 3Q22, data from research group EnergyQuest shows.
  • The law also clears the way for the government to regulate gas sales when producers and buyers fail to agree on a contract price.
  • Gas producers and analysts have previously warned that the new law will lead to supply disruption, with producers already withholding offers of supply.
  • "Because of its actions today, this winter or the one after, the federal government will have to decide between rationing gas and breaking LNG export contracts", Kevin Gallagher, chief executive of Santos Ltd said.
Energy BulletsCommodities
Energy BulletsCommodities

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