ACCC Forecasts For 2023 East Coast Gas Shortage
ACCC forecasts for 2023 east coast gas shortage despite federal government intervention
The Australian Competition and Consumer Commission (ACCC) has warned that households and businesses on the east coast of Australia face a?gas shortage?this year, despite efforts by the federal government to ensure adequate supplies.
In its latest report on the country’s gas market, the ACCC warns that users are still struggling to secure enough supplies to meet demand, with a shortfall of 30 petajoules in 2023 – equivalent to roughly 5% of annual consumption. This would increase prices and energy insecurity for east coast households and businesses.
Gina Cass-Gottlieb, ACCC Commissioner, said that the outlook for 2023 is uncertain. “The domestic market is facing a shortfall of around 30 petajoules this year, which could affect the availability and prices of energy for households and?businesses?on the east coast. We’ve seen some positive steps from the federal government to ensure gas supply security in recent years, but more action is needed if we are to adequately address this situation.”
The ACCC has called on the federal government and?gas producers?to take action to alleviate the projected gas shortage in 2023. Cass-Gottlieb said, “We need a comprehensive and long-term solution to ensure adequate supplies at affordable prices. This is particularly important for households and businesses struggling with increased energy costs.
The ACCC has warned that east coast households and businesses are facing a potential gas shortage this year, despite the federal government’s efforts to safeguard supplies. The ACCC’s latest report of the country’s gas market reveals that users still need to secure enough reserves to meet demand, with a shortfall of 30 petajoules in 2023. The ACCC has called on the federal government and gas producers to take action to alleviate the projected gas shortage in 2023, with Commissioner Gina Cass-Gottlieb saying that “We need a comprehensive and long-term solution that will ensure adequate supplies at affordable prices.” This is particularly important for households and businesses struggling with increased energy costs. The ACC C’s warnings should be taken seriously, as failure to address the issue could lead to further problems.
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“The east coast?gas supply forecast?for 2023 has improved,” ACCC chair Gina Cass-Gottlieb said.
“But the outlook remains uncertain as the LNG producers haven’t yet committed sufficient volume under firm contracts to address the risk of a domestic shortfall.”
In conclusion, despite efforts by the federal government to safeguard gas supplies on the east coast of Australia, there is still potential for a shortage in 2023. The ACCC has warned that households and businesses on the east coast face a potential shortage this year and has called for action to ensure adequate supplies at affordable prices. The federal government and gas producers should take heed of ACC C’s warnings to address the issue before it becomes a severe problem.
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