• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days America should go after China but it should be done in a wise way.
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
The Armenia-Azerbaijan Diplomatic Dance Continues

The Armenia-Azerbaijan Diplomatic Dance Continues

Armenian Prime Minister Pashinyan and…

Australia Secures More Natural Gas Supply for its Domestic Market

Australia has secured two supply deals for its domestic market to power east coast gas-fired stations, the government said on Monday, hoping to ease some of the concerns about the domestic supply of gas and the reliability of the energy system.

Australia plans to retire a lot of its coal fleet by 2033 and to bet on renewable energy, but it faces power shortages if it rushes the energy transition, analysts and the Australian Energy Market Operator (AEMO) have warned.   

Despite being a major LNG exporter, Australia has faced gas supply issues on its east coast and in 2022, it introduced a price cap on natural gas for the domestic market. The cap was intended to mitigate the effects of the international tightening of gas supplies in 2022 that led to spiking prices.

The New South Wales government said last year that a recent electricity reliability check-up has found there would be reliability challenges for NSW in the next couple of years.

AEMO’s most recent reliability report showed that a central scenario in the analysis found increased reliability risk.

“Over the 10-year outlook, we continue to forecast reliability gaps, which are mostly due to the expectation that 62 percent of today’s coal fleet will retire by 2033,” AEMO CEO Daniel Westerman said.

The Australian government announced today that more than 260 petajoules (PJ) of gas will be made available between now and 2033 through two new enforceable supply commitments with Esso and Woodside, under the so-called Gas Code of Conduct exemptions framework.

“This would be sufficient to power east-coast gas-fired power stations for around two and a half years,” the government said.

Chris Bowen, Australia’s Minister for Climate Change and Energy, commented,

“We know that gas is critical to supporting a lower-cost, more renewable grid as aging coal exits, and to support Australian manufacturing – which is why we’ve delivered this code to shore up energy reliability and affordability after a decade of chaos.” 

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News