Watchdog to keep eye on Australian gas prices

THE gas industry will be monitored by the corporate watchdog to ensure affordable gas is made available to Australian homes and businesses.

The gas industry will be under watch to make sure prices remain affordable.

THE gas industry will be monitored by the corporate watchdog to ensure affordable gas is made available to Australian homes and businesses.

Treasurer Scott Morrison has directed the Australian Competition and Consumer Commission to use its inquiry powers to compel the industry to provide more information to the benefit of consumers.

PM CALLS CRISIS MEETING ON GAS SHORTAGE

The government is also understood to have given exporters a week to clearly articulate how households and business will get adequate supply at reasonable prices or face new regulations.

Government officials met with gas industry executives and the Australian Energy Market Operator to work through the short-term and long-term challenges facing households and business.

The industry, including pipeline operators and generators and AEMO, is developing a plan to ensure gas is delivered at times of peak electricity demand to prevent blackouts.

The arrangement will be in place by October in time to prepare for the next summer.

PUSH FOR BATTLERS TO GET BEST ENERGY DEALS

Prime Minister Malcolm Turnbull said the government had asked the exporters to provide more information on how they will address the short term market issues.

He said this new measure would “shine a light” on transactions within Australian gas market and help it operate more fairly and efficiently.

“It will increase transparency, facilitate competition and ensure the gas market is operating well,” Mr Turnbull said

“While this progress is encouraging a lot more needs to be done.”