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






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