Australian industry reliant on gas for ‘foreseeable future’, resources minister tells press club
Summary
Australia's resources minister, Madeleine King, said the country will need gas for industry and homes for the foreseeable future. The government plans a new gas reservation scheme that requires gas companies to keep 20% of their supply for local use to help lower energy prices.Key Facts
- The gas reservation scheme will start around January 2028.
- Gas companies must reserve 20% of their exported gas for domestic use.
- The Australian Energy Regulator can require companies to supply 110% of expected demand annually.
- The scheme will replace an older domestic gas security mechanism.
- The plan aims to reduce power prices by increasing local gas supply.
- Gas is important for heating homes, manufacturing, mineral processing, and supporting renewable energy.
- There is currently no alternative energy that can fully replace gas for these uses.
- The government supports research to find lower emissions or alternative fuels for the future.
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