Continuing to develop Australia’s gas resources is critical to ensuring reliable and adequate supply in the immediate future, the energy industry said today.
The latest gas supply and demand forecasts by the Australian Energy Market Operator (AEMO) highlight the critical importance of continuing to develop gas resources and the need for policy settings to facilitate gas supply into the future.
The Australian Energy Council’s Chief Executive, Matthew Warren, said, “gas will continue to play a valuable role in meeting the energy needs of Australian homes and business as well as playing a critical role as a key export commodity.
“With a number of mature gas fields slowing production, it is critical that we continue to develop new proven gas reserves now to meet future demand,” Mr Warren said.
“AEMO’s modelling shows gas supply shortfalls could increase under drought conditions with increased demand for electricity from gas generation or if sustained low oil prices reduces investment.
“Given the lead time and investment required to develop gas resources, this latest market data sends a strong signal to governments and the gas industry alike,” Mr Warren said.
About the Australian Energy Council
The Council represents 22 major electricity and downstream natural gas businesses operating in competitive wholesale and retail energy markets. These businesses collectively generate the overwhelming majority of electricity in Australia and sell gas and electricity to over 10 million homes and businesses.
Victoria's decision to block onshore unconventional gas developments, and continue the moratorium on conventional gas development, is short-sighted and ignores the important role gas will play in supporting renewables integration and reducing carbon emissions as the energy sector transforms, the energy industry said today.
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