Daily Management Review

Australia takes control over natural gas exports


06/20/2017


Australian Prime Minister Malcolm Turnbull announced that his government will grant companies the right to obtain licenses for gas exports in an attempt to reduce domestic gas prices, writes Business Insider.



Ken Hodge
Ken Hodge
At a joint press conference with Energy Minister Josh Frydenberg and Finance Minister Matthew Canavan, Turnbull said that the new rules, which come into effect on July 1, will force the gas sector to give preference to Australian customers.

The government also plans to abandon the appellate process used by energy companies, known as the "limited review of merits", after prices were set by the energy regulator.

Turnbull said that the litigation cost consumers 6.5 billion Australian dollars of additional electricity costs, after energy companies challenged the decision of the regulatory body.

Prime Minister noted that the government would stop large energy companies from fleeing to the courts in an attempt to protest the decision of the energy regulator. "The companies filed 52 appeals, and the courts took decisions against consumers 31 times. This will end," Turnbull said.

Minister of Energy Frydenberg said that the cancellation of the appeals process "will reduce the pressure on electricity prices." Matt Canavan added that the government's plan to limit gas exports, when there is a deficit in the domestic market, is "a significant step in response to a significant problem."

"At the moment, we have 65 thousand Australians who work in industries that have gas input costs of 15% or more in their business," he said.

source: reuters.com






Science & Technology

Dream Of Immortality Can Be Realised By 2045

Predicting A Patient’s Death Might Be Possible With Google’s Machine Learning Tool

Are online DNA databases dangerous?

Uber will identify drunk passengers

Experts found how automation will change markets

World's First Dedicated XR Platform Launched By Qualcomm

Hamburg becomes the first German city to ban old diesels

Hundreds Of Thousands Of Routers Have Been Hacked By Russians, Warns The FBI

Chinese Study Claims Heart Diseases Can Be Reduced By Having An Egg A Day

Asteroid mining: Reality or fiction?

World Politics

World & Politics

EU Reform Plans Disclosed By Merkel And Macron

USA launches the third round of the trade war with China

Italy says No to refugees

German experts: There’s no end to wars

G7 Picture Reveals Tensions Between U.S. And Its Close Allies

Pope Addresses The Oil & Gas Giants To ‘Respect’ COP21 Deal

G7 Does Not Welcome Russia: German Official

Trump-Kim Jong Un Meeting To Take Place, Confirms US President