Australia's parliament on Thursday passed legislation setting a price cap on natural gas for one year and providing A$1.5 billion ($1.03 billion) in relief for households and small businesses hit by soaring energy costs due to Russia's war in Ukraine.
The government won support from the Greens Party to pass the legislation after agreeing to provide funding in its next budget to help low-income households switch from gas to electricity.
The price cap will apply to new wholesale gas sales by east coast producers. At A$12 per gigajoule (GJ), it is less than half the average short-term price of A$26/GJ in the third quarter, according to data from research group EnergyQuest. ($1 = 1.4571 Australian dollars)
News: WDS Australia's parliament approves gas price cap, $1 bln energy relief
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