Business
Manufacturers seek ‘urgent intervention’ to rein in gas giants – Sydney Morning Herald
Australia’s large gas producers are charging local customers far higher prices than overseas buyers, fuelling demands for urgent market intervention.
Global coronavirus travel restrictions slashed energy prices, but Australian gas users have voiced frustration that gas giants have not dropped their long-term contract prices. They want them closer to spot prices of less than $5 a gigajoule in the south-eastern states, or liquefied natural gas (LNG) cargo spot prices of less than $2.50 per million British thermal units. More than 95 per cent of domestic gas sold on the east coast is sold under long-term contracts.
Gas producers, however, insis…
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