About gas market development in Australia
Ensuring that Australia has well functioning gas markets that deliver reliable, efficient and competitively priced energy is vital to Australia's economy.
Australia's gas markets are projected to undergo major changes in the period to 2030, with the development of new conventional and unconventional sources seeing an expected tripling of domestic gas production over this period in response to strong international and domestic demand growth.
Growth in the use of natural gas for electricity generation is also resulting in closer links between the gas and electricity markets. As such, an efficient and reliable gas market is needed to underpin the security of Australia's electricity supply.
How is RET involved?
The Department of Resources, Energy and Tourism (RET) drives Commonwealth gas market policy.
The Minister for Resources and Energy the Hon Martin Ferguson MP represents the Commonwealth on the Standing Council on Energy and Resources (SCER).
The SCER is implementing an energy market reform agenda that aims to facilitate the development of reliable, competitive and secure natural gas markets in Australia.
This is vital as natural gas is expected to play a key transitional role in meeting Australia's energy needs as it moves towards a carbon constrained economy.
SCER-led gas market reforms have resulted in the development of:
- the National Gas Market Bulletin Board—a website that assists in facilitating trade in gas markets by providing all market participants with daily updates on market and system information, such as gas short term supply and demand
- the annual Gas Statement of Opportunities (GSOO)—published by the Australian Energy Market Operator (AEMO). The GSOO provides a 10 to 20 year outlook on gas demand, capacity and reserves information to assist market participants in planning activities and making informed investment decisions. The GSOO is also an information tool for policy makers examining the projected short and long-term reliability of the nation's gas supply
- the gas Short Term Trading Market (STTM)—operated by AEMO, the STTM provides market participants with greater opportunities for daily trading of gas volumes at demand centres in Sydney, Adelaide and Brisbane.
SCER is also considering the development of a gas supply hub market, to provide greater opportunities for trading gas in upstream markets.
For more information about the SCER gas market reform agenda see the SCER website or email email@example.com.