Government extends gas trigger until 2030

·1-min read

GOVERNMENT ACTS TO SHORE UP GAS SUPPLY

* The federal government has outlined a number of ways to help shore up the country's gas supply to help prevent future shortages.

* Resources Minister Madeleine King announced the government would extend the Australian Domestic Gas Security Mechanism until 2030.

* The mechanism, which restricts exports to prevent shortages to the domestic market, was due to expire in January 2023.

* The government is currently preparing a notice of intent to invoke the mechanism from next year.

* The gas trigger could not be pulled until the regulations were updated to extend the mechanism.

* Ms King said the government was working with LNG companies to encourage new gas supply and prevent future shortages.

* There will be a further review of the mechanism in 2025.

* The government has also opened consultation to reform the trigger mechanism to make sure it's fit for purpose.

* The gas industry says there is sufficient supply to ensure no shortfall occurs in 2023.

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