PERTH – The federal government on Friday announced a temporary cap on both gas and coal prices as part of its Energy Price Relief Plan.said the urgent action being taken by the federal government, in partnership with state and territory governments, would shield Australians from the worst impacts of price increases, and deliver responsible and targeted relief to families, small businesses and manufacturers.“Extraordinary times call for extraordinary measures.
“The reality is that due to global circumstances and a decade of energy policy mismanagement, Australians will continue to still see high energy prices for some time. The average family will be A$230 worse off next year if we do not take action with the Energy Price Relief Plan,” the government said in a statement on Friday.
In addition, the state and federal governments have also reinforced the commitment to implement the Capacity Investment Scheme to unlock around A$10-billion of private and public sector investment in clean, dispatchable storage and generation to ensure reliable and affordable electricity supply and reduce exposure to high coal and gas prices over the medium and long term.
The Australian Petroleum Production & Exploration Association has criticised the lack of consultation with industry before the gas cap and mandatory code of conduct were announced. “Recent gas supply agreements with manufacturers for competitively priced gas showed the market was working. But with this decision the government has not given the Heads of Agreement with east coast exporters and the Australian Gas Industry Code of Conduct – both announced only 71 days ago – a chance to work,” said McCulloch.
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