|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Oil & Energy (Click here for more)

Australia to Restrict Gas Exports to Lower Electricity Costs

SYDNEY – Australia will restrict gas exports to ensure local sourcing and lower electricity costs, Australian Prime Minister Malcolm Turnbull said on Tuesday.

“We are taking immediate action to put downward pressure on power prices and ensure reliable and secure energy for all Australians,” Turnbull said at a press conference.

The decision aims to counteract high energy tariffs caused largely by the shortage of gas supplies on the east coast, the country’s most populated region.

The measures, which include restrictions on exports when there are shortages in the domestic market, will enter into force on Jan. 1, 2018, when electricity tariffs will increase by 20 percent.

Turnbull said his government will tighten regulations in the gas sector to give Australians priority access for gas supply and provide an additional allocation of $51 million to the energy regulator to stop power companies overturning court rulings.

He will also ask the Australian Energy Market Operator to account for the power generation stations that can close soon and report on the possibility of investing in them, including government funding.

The prime minister left open the possibility of using taxpayer support for upgrading coal and gas-powered electricity generators to ensure affordable supply in the domestic market.

“It is unsustainable for our country to be the world’s largest exporter, but to be paying some of the largest prices for gas,” Resources Minister Matthew Canavan said at the same press conference.

The measure was proposed in April when Turnbull announced a plan to impose controls on liquefied natural gas exports to overseas companies in case of shortages in the domestic market.

Australia exports two-thirds of its gas production and has restrictions in some states for the exploration of this resource.

The AEMO recently warned of possible gas shortages in the states of New South Wales, Victoria and South Australia from the summer of 2018-2019.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2015 © All rights reserved