High gas prices cannot be blamed for the problems with Australian manufacturing, says Santos chief executive Kevin Gallagher, who has hit back at comments from a union leader and government minister that Australian gas producers are selling gas to high-priced markets overseas at the expense of local industrial energy users.
“We have had better market opportunities that we have forgone, so that milk bottles, brake fluids, detergents, water pipes and countless other everyday products used by households and industries can be made here in Australia,” Mr Gallagher said.He noted that most of Santos’ domestic gas is sold on long-term contracts and its average price for the June half was $9.
“The new AEMO powers can almost amount to a redesign of the national gas market, with AEMO to make up the rules as they go, interfere with any contract as they see fit, and act as both a regulator and competing market participant at the same time, but with no one to regulate the regulator.”after the early winter crisis in east coast electricity and gas supply, AEMO will have control to signal and manage supply shortfalls in the east coast market next winter.
Source: News Formal (newsformal.com)
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