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Victoria faces gas crisis as prices soar | Herald Sun
https://www.heraldsun.com.au › victoria › news-story 2 hours ago —
Victoria is set to rely on gas from Queensland in a bid to avoid shortfalls, as international prices skyrocket due to market volatility.

Victoria faces gas crisis as prices soar The state is set to rely on gas from Queensland in a bid to avoid shortfalls, as international prices skyrocket due to market volatility. Victoria is set to rely on gas from Queensland in a bid to avoid shortfalls, as international prices skyrocket due to market volatility New analysis from the consumer watchdog shows domestic gas prices have risen in line with inflation from $6-8 a gigajoule in 2020, to $10-11 a gigajoule in recent months.
But Energy Minister Angus Taylor said Australia had been fortunate to avoid the up to 230 per cent price increases seen in the Asian LNG spot market“This report is a stark warning that we cannot allow activism to slow gas projects,” Mr Taylor said“ Without unlocking gas, we will feel the price pressures being experienced overseas.Supply is expected to be sufficient to meet demand. However, a shortfall across the southern states is expected to occur two years earlier than previously predicted Victoria is likely to be reliant on gas from Queensland due to a reduction in forecast production in the Gippsland and Cooper Basins ACCC chair Rod Sims said additional supply from an LNG import terminal, or new domestic sources, will be critical in the next few years“ It may also be necessary to divert some gas into the domestic market that would otherwise be exported if new supply cannot be developed rapidly enough,” the watchdog’s report states There are a number of new domestic supply projects that could potentially be brought online, but none have yet been approved for development.Treasurer Josh Frydenberg said: “The ongoing supply of affordable gas is crucial to helping Australia’s economy as it rebounds from the impact of the Covid pandemic”

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