Gas users are in danger of winter shortfalls sooner than originally feared as ExxonMobil and Woodside’s Bass Strait production fields dry up.
Gas users are in danger of winter shortfalls in Victoria and NSW sooner than originally feared, posing a challenge for governments to shore up supplies of the fossil fuel while also delivering on pledges to reduce harmful emissions.
The energy market operator is warning that gas supply could run short as gas fields in Bass Strait are rapidly drying up.Government policies to ban gas hook-ups in new residential buildings and encourage people to switch gas appliances to electric alternatives are successfully driving down long-term gas demand forecasts, but not fast enough to avert shortfalls, according to AEMO’s latest gas market forecasts to be published on Thursday.
Australia is one of the world’s largest producers of gas, but massive volumes of production from Queensland’s gas fields are locked into long-term export contracts to LNG buyers in Asia, while gas produced in Western Australia cannot be transported to the eastern states. The federal and NSW governments have also set ambitious emissions-reduction targets, driven largely by swapping fossil fuel-based electricity generation for wind and solar farms, but have expressed support for new gas developments.
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