Reliance on gas could lead to higher electricity bills, Climate Council warns Read moreHe said the government would introduce a new gas security mechanism allowing the imposition of export controls on companies when there is a shortfall of gas supply in the domestic market. Turnbull said the resources minister, in consultation with relevant portfolio ministers, would impose export controls on the LNG industry based on advice from the market operator and regulator. The Australian Industry Group has proposed gas swaps, in which export contracts are fulfilled using overseas gas, to reserve more for Australia’s domestic supply – a proposal that has caused tension between it and the gas industry, which favours a hands off approach. Australia is the second-largest LNG exporter, with two-thirds of the country’s gas sent overseas. The peak industry body, the Australian Petroleum Production and Exploration Association, aims to become the world’s largest LNG exporter by 2020.

Source: The Guardian April 26, 2017 12:00 UTC