Labor has been accused by the gas industry of effectively having no plan to fix what the competition regulator warns will be a catastrophic gas shortage this decade that threatens to destabilise the energy grid and undermine export commitments.

Amid renewed signs the government’s extraordinary decision in December to cap gas prices is putting a freeze on investment in new supply and pipelines, the Australian Competition and Consumer Commission predicted there will not be enough gas in a few years to meet both domestic and LNG export demand.