Blah, blah. blah. The Australian.
Australia is falling behind global rivals in attracting investment in gas exploration and production, a new report from global consultancy Wood Mackenzie has found, a trend that risks undermining the nation’s energy security and stalling the transition away from coal.
The report, Australia’s Natural Gas Investment Competitiveness, commissioned by industry group Australian Energy Producers (AEP), found global gas exploration investment has surged by nearly 30% over the past five years. In contrast, Australia’s growth has been just 15%, placing it well behind international peers.
That is self-evident, self-serving balderdash. As you ponder your round of power bill hikes, remember who it was that delivered them.
It is gas that sets the marginal cost of electricity in the wholesale market and it was the gas cartel that kept prices locked to Albo’s $12Gj price floor.
It did not have to. It was not an investment issue. It had plenty of cheap, spare spot gas that it sold overseas.
With the North West Shelf expansion approval imminent, now would be the perfect time to roll out Peter Dutton’s brilliant gas reservation scheme that says this gas must be sold locally and the price will fall accordingly.
Otherwise, it is only worse ahead as LNG imports be
