Australia is working on plans for a gas-driven recovery from COVID-19 that will help the country adapt to a low-carbon future, with the conservative government tiptoeing away from its vocal support for coal.
FILE PHOTO: Santos-operated Moomba gas plant is seen outside Moomba, South Australia May 17, 2012. REUTERS/Rebekah Kebede/File Photo
The change of focus follows a devastating summer of bushfires and heightened public worries about climate change, along with what analysts say is increasing evidence that new coal-fired power is not economically viable in Australia. Others, however, say the plan is flawed. Even with its abundant reserves, the world’s largest liquefied natural gas exporter will not be able to supply enough cheap gas to the right domestic markets without massive assistance.The new focus has been welcomed by manufacturers in key industries like fertilisers and explosives which use gas as a raw material but have been frustrated by rising domestic prices and soaring exports.
The report, which backed underwriting supply, mandating some supply be kept in Australia, taking a role in pipeline development and tax incentives, targets domestic gas supply at A$4 a gigajoule, around half the average level in 2019. Analysts, however, say Australian gas will never be competitive with U.S. prices, where the gas boom has been driven as a by-product of shale oil production.
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