Producers that supply the domestic market will be allowed to charge above the cap, but the government has been slammed for “make-it-up-as-it-goes policy”.
on Monday, were criticised as “make-it-up-as-it-goes policy” by Credit Suisse energy analyst Saul Kavonic, who said they completely failed in the objective of providing a clear, workable policy that provides certainty for gas producers.“The entire health of the east coast gas market now comes down to a case-by-case discretion by the government to award exemptions or not, on the basis of how they feel at the time,” he said.
As gas producers mulled the latest changes, one industry executive on the east coast described the proposal as “essentially evergreen price control via stealth”. Several gas producers have put new projects on hold as a result of the intervention, or reined in investment plans.the government that gas supplies faced uncertainty from next year, and underscored the need for the development of new fields to meet demand from manufacturers and for power generation.
The new code “will require all participants to abide by conduct provisions that will level the negotiating playing field between users and producers to deliver a better functioning gas market”.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘A male-dominated team does not reflect society’: why are only 5% of music producers women?Beyond the stereotype of the knob-twiddling bloke are brilliant female producers, but gatekeeping, toxic masculinity and a lack of concrete support are holding them back
Read more »
Labor extends gas price cap to 2025 to protect power billsProducers may be allowed to breach limit if they give enforceable promise to deliver minimum level of domestic supply
Read more »
Energy price caps have a ‘positive impact’: AlbanesePrime Minister Anthony Albanese says Australia has had a 'global impact' on energy prices, and the country's gas price caps have made a 'positive difference'. 'The Russian invasion of Ukraine has led to an enormous spike,' Mr Albanese said in a media conference on Wednesday. 'It's led to every country in the world, every advanced economy, taking measures that could be seen as extraordinary – because it's not business as usual. 'The decisions that we took both as a Commonwealth government and in partnership with state and territory governments last December have had a very positive impact.'
Read more »
Labor’s Defence Strategic Review is ‘frankly disappointing’: BirminghamShadow Foreign Affairs Minister Simon Birmingham says Labor undertaking the Defence Strategic Review is “frankly disappointing” as items in the review would not be possible without the previous Coalition upping defence spending. “It is frankly disappointing that the government … is undertaking this strategic review but ultimately what they are doing is shifting money off of a budget that was created by the former Coalition government,” Mr Birmingham told Sky News Australia. 'We grew defence spending from 1.56 per cent of GDP up to two per cent of GDP … none of the things that are being talked about in the DSR would be possible had we not done that.'
Read more »