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"We have lost the gas safety margin for reliable supply, and what we have been doing for the last five or more years has not worked to address the gas shortfalls — expected in 2028, and earlier for peak demand conditions as we are currently experiencing.

"This risk will get progressively worse as Longford gas fields deplete, and there is no investment in more gas supply, storage or other gas options such as LNG imports."

In its notice, AEMO foreshadowed it may need to take measures to prop up the supply of gas to the east coast market, where the fuel is used by millions of households and thousands of often major businesses.

Among those measures were requiring producers, pipeline operators, storage providers and other market players to take "reasonable steps" to ensure there was enough supply.

This could include producers in Queensland, where much of Australia's east coast gas supplies are turned into super-chilled liquid form and sent to North Asia on ships.