Some large east coast producers are not intending to meet the government’s request for commitments by Monday on domestic gas supply and price.
Several large east coast gas producers look set to defy the Albanese government and will not submit gas supply commitments by Monday’s deadline as they wrangle with proposed price control rules that they regard as unworkable.
The changes scrapping a “cost-plus” formula for calculating the “reasonable pricing” regime governing wholesale prices, and an arbitration process to settle disputes – the two most problematic elements for producers.as well as representatives from Singapore, Korea and China had also made known their concerns that the policy could imperil their energy security by impacting Australian LNG exports.
Credit Suisse energy analyst Saul Kavonic has voiced doubt that enough supply commitments will be made by Monday for the policy to be effective, saying producers will be “very cautious” towards voluntarily agreeing to anything material.“We have doubts this will be agreed to by enough key producers to work,” he said. “So after four gas market redesigns in almost as many months, another one may be on the way soon enough after this one also fails.
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