The Australian Competition and Consumer Commission has accused big gas companies of exploiting joint marketing arrangements to delay the development of gas and push up prices.into the domestic market to avoid shortfalls in eastern Australia, the ACCC said some gas companies were gaming the current system to withhold supply and raise prices.The gas industry said joint marketing, especially in some big consortiums, helped share the costs of exploration and production.
These four JVs – the three big LNG exporters and Arrow – account for 83 per cent of 2P reserves and 73 per cent of production in the east coast gas market in 2021.The ACCC said if the parties behind these JVs were to separately market gas in the east coast, then it would result in the number of producers competing to supply the gas produced by the JVs potentially increasing from four to 12.
But some smaller producers and industry groups, including the Major Energy Users and the Energy Users Association of Australia, said joint ventures were no longer needed on the east coast market, with buyer competition having increased considerably over the past two decades.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ACCC report reveals gas companies taking advantage of global prices: ClennellAn ACCC report released today has shown gas companies are not doing enough to keep gas onshore as they seek to take advantage of high global gas prices, Sky News Political Editor Andrew Clennell says. Disgraceful. They should be held to account in ensuring domestic supply. Britain likely to return to fracking. Our Albo out of step again with energy security and energy affordability initiatives around the world. Wonder if our ACCC said anything about franking? Next prime minister will be pro-fracking, TV debates reveal
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Treasurer puts gas companies on notice as supply shortfall looms“[The ACCC] projects a significant gas shortfall for next year unless gas producers supply more of their uncontracted or excess gas to the domestic market,” Treasurer Jim Chalmers said. | micksfoley micksfoley I will never give up my ducted gas heating. You can't beat the grunt of a gas powered system micksfoley Crikey! I'll almost fall off my chair when the Airbanese Govt actually DOES something instead of lip service micksfoley The pipeline probably cannot take it anyway
Source: theage - 🏆 8. / 77 Read more »
Treasurer puts gas companies on notice as supply shortfall loomsThe consumer watchdog has warned the local energy market may suffer a shortfall in wholesale supply as gas companies announce record profits. Don't put them on notice' just do it like they do with consumers. Just do it. Pull gas trigger while hitting these companies with massive tax increase Lol.....and they are shaking in there boots i bet. All good tho. They will just cap more wells and say there is no gas as the prices rise.
Source: brisbanetimes - 🏆 13. / 67 Read more »