The Albanese government’s controversial plan for a mandatory gas code of conduct for producers has been supported by big energy users who saying the market isn’t working.
Big energy users have backed the Albanese government’s proposal for a mandatory code of conduct for gas producers, saying critics of the intervention had no idea how “dysfunctional” the east coast gas market had become.take the edge off electricity price increases
EUAA chief executive Andrew Richards said the code of conduct was needed alongside other government policies, including the Australian Domestic Gas Security Mechanism, the Heads of Agreement with gas producers and the corporate regulator’s price monitoring reports, to tackle the lack of competition in the gas sector.
The code of conduct will kick in after the $12 a gigajoule price cap lapses after 12 months later this year. “Santos continues to face hurdles in developing the Narrabri project that is dedicated to local supply at the same time as reserves in Victoria are depleting.”Mr Richards said the recent Australian Competition and Consumer Commission report highlighted the big jump in price offers for 2023 – up from $9.20 a gigajoule in 2021 to $30 a gigajoule in late 2022.“These prices had no relation to producers’ cost of production.
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