July 6th 2024.
A recent warning has been issued to Australians regarding a potential gas shortage that could hit the east coast sooner than expected. According to the Australian Competition and Consumer Commission (ACCC), the shortage could occur as early as 2027 instead of the previously estimated 2028. This prediction has been made in the wake of new gas projects and production issues in existing gas fields, resulting in a decline in supply.
In their latest report released this week, the consumer watchdog highlighted the need for new sources and supply to avoid the looming shortfall. The increase in consumption, coupled with the decline in supply, has expedited the timeline for the potential gas shortage. The ACCC has attributed this change to the rise in demand for energy, particularly during the winter season when people tend to use more gas to keep their homes warm.
The report also sheds light on the reliance of southern states - New South Wales, Victoria, South Australia, and Tasmania - on Queensland for gas supply. This reliance is expected to continue in the foreseeable future, with Queensland being the primary source of gas for these states. However, the ACCC has cautioned that by 2025, Queensland will have to divert gas to the southern states to avoid any shortfalls during the second and third quarter of the year. By 2029, Queensland itself will require new sources of supply to meet its own demands.
The ACCC has also emphasized the need for sufficient gas pipeline and storage capacity to cater to the variability of gas demand and the reliance on interstate transfers. In addition to gas production, these factors play a crucial role in ensuring a stable gas supply.
In related news, the Australian Energy Regulator has released data showing that electricity and gas bills are causing significant financial stress for Queenslanders. The number of people unable to pay their bills has increased by 11,000 from the previous year, with almost 32,000 individuals facing financial difficulties. These findings further highlight the urgency of addressing the gas shortage issue to avoid any potential repercussions on the Australian population.
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