The Australian Energy Market Operator will receive $2 million to improve publication of real time assessment of gas flows and market analysis.
Finally, the Government will provide $6.6 million over three years to the Australian Competition and Consumer Commission to establish a monitoring regime for the gas market by using its inquiry powers to compel the gas industry to provide greater transparency of transactions in the gas market, including factors affecting supply and pricing.
The oil and gas industry has welcomed the initiatives announced in the Commonwealth budget to support the delivery of new gas supply into the east coast market.
Australian Pipelines and Gas Association (APGA) Chief Executive Peter Greenwood said the Budget set out measures totalling $86.3 million over four years from 2017–18 to increase gas production and support affordable electricity prices for households and industry.
“These measures recognise the critical need to bring additional supplies of gas to Australia’s markets,” said Mr Greenwood said.
“Measures amounting to almost $60 million are directly focussed on increasing gas supply, with $30 million for additional scientific assessments of unconventional gas projects and $29 million to encourage responsible development of onshore gas for the domestic market.