A surplus is good news for households grappling with a cost of living crisis, after the watchdog in June flagged a shortfall for heating and electricity.
The competition watchdog has calmed fears of a looming gas supply shortage, saying there will be enough gas to meet Australian domestic demand into next year as it forecasts a 9 per cent lift in liquid natural gas exports.
Export demand is expected to be 8.2 petajoules higher than the June forecast and 9 per cent higher than actual LNG exports in the first three months of this year, adding about $2 billion to gas producers’ revenue.If the LNG producers only export their long-term contract commitments and factoring in current anticipated sales, then there will be 19.9 petajoules of gas available to the east coast market, the interim report said.
“We shouldn’t breathe a sigh of relief and settle back in to the hammock just yet. However, it’s still a better picture than one year ago,” Reed said.between the Albanese government and gas producers over a mandatory code of conduct governing the sector, released in June.
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