A mandatory industry code of conduct is expected to make gas available for Australian users at “reasonable” prices for the next two years.
The gas industry says the test for the code will be whether it supports urgently needed investment to bring on new gas supply to avert future shortfalls and put downward pressure on prices.
Coupled with price caps on coal for power generators, the federal government says intervention has almost halved wholesale energy prices after crippling price spikes added to the cost of living pressures.
Announcing the code on Wednesday, Treasurer Jim Chalmers said it would give producers the certainty they needed to invest in production and ensure export commitments were met….