The Australian government will prolong the Australian Domestic Gas Security Mechanism (ADGSM) by another seven years to January 2030 in an effort to improve local gas supplies.
Following the federal government’s decision, Resources Minister Madeleine King has said she will issue a notice of intention to implement the mechanism in 2023.
“These measures announced today will safeguard Australia’s energy supplies,” she told reporters. “They are designed to work hand in glove with work being done by the energy ministers.”
Under the ADGSM, the federal resources minister can direct gas companies to limit their exports or find new gas sources to meet domestic demand if there is a supply shortfall….