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The COAG Energy Council held their fifth meeting in Canberra last month. Ministers met to discuss the transformation of the gas and electricity markets and the challenges and opportunities associated with this.

Recent reports on gas market reform tabled by the Australian Competition and Consumer Commission (ACCC) and Australian Energy Market Commission (AEMC) now provide a platform for action to take place.

Based on findings and recommendations from these two key reports, COAG launched its Gas Market Reform Package.

The reform package has been designed as a means to lift competition and consequently reduce gas prices. The reform package comprises of four priority areas and 15 reform measures.

The four priority areas are gas supply, market operation, gas transportation and market transparency.

The Energy Council will look to implement a range of measures including:

  • Creation of two trading hubs in the North and South region
  • A gas transportation capacity market to underpin the wholesale gas market
  • Encouraging more gas supply and gas suppliers to enter the market
  • More accurate and timely market information for participants and the public, through redevelopment of the Natural Gas Services Bulletin Board;
  • Implementation of the COAG Energy Council Gas Supply Strategy.

See our full overview here.

If you’d like to speak to an expert about your gas portfolio, you can contact us here or on 07 3232 1115