The Australian Competition and Consumer Commission (ACCC) has revealed that Australia’s east coast gas market should have a 1.4 petajoule (PJ) surplus in the first quarter of 2024, even if the liquefied natural gas (LNG) producers export all their uncontracted gas. In its interim gas inquiry report, the ACCC forecasts the supply and demand balance for the east coast market for wholesale gas between January and March next year, which is a period of high LNG export demand and reduced residential gas heating demand due to warmer weather.
PERTH – The Australian Competition and Consumer Commission has revealed that Australia’s east coast gas market should have a 1.4 petajoule surplus in the first quarter of 2024, even if the liquefied natural gas producers export all their uncontracted gas.
On a regional basis, Australia’s southern states are forecast to have about a 3 PJ surplus to meet local demand, but Queensland will need about 1 PJ of additional gas to meet its local demand if the LNG producers export all their uncontracted gas. Recent investments in key pipeline infrastructure have also made it easier to transport gas between northern and southern states, and additional upgrades currently underway are expected to be completed by winter next year.
“The ACCC has confirmed surpluses in the east coast gas market through to 2024, highlighting the gas industry’s commitment to ensure domestic supply to Australian households and businesses is being delivered,” said Australian Energy Producers CEO“Natural gas plays a critical role in the economy. It is keeping the lights on and powering major industries such as manufacturing where gas supplies around 40% of the energy used.
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