The Australian Government will decrease gas exports starting next year in an effort to contain the soaring energy prices in the domestic market as stated by PM Malcolm Turnbull.
Australia is about to catch up with Qatar as the world’s biggest exporter of liquefied natural gas. But most Australian’s face escalating power bills because state governments have restricted further gas explorations and there are no new coal-fired power stations being built to replace the old generators that will be decommissioned.
PM Turnbull said the government’s duty is to protect the people, businesses, and households. The government will introduce new regulations from July 1 that will require energy companies like Shell, Santos, ExxonMobil and Origin to give Australian customers priority access to gas supplies before it is exported to other countries.
Once the Australian supply shortfall has been calculated, new regulations in restricting exports will take effect on January 1, 2018.