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AGL Energy Limited (ASX:AGK) CEO Michael Fraser says east coast gas prices could hit more than $10 per gigajoule, according to media reports.

 

Mr Fraser says as power generators and industrial users absorb the effects of $70 billion worth of LNG plants being constructed at Gladstone, domestic demand will likely come under pressure and push gas prices higher.

 

He says there will likely be a shortfall in gas during the early years of the project.

 

The reports say that when the three Queensland projects begin, east coast demand for gas will triple.

 

AGL generated a net profit of $389 million in fiscal 2013.