Aussie parliament passes bill to cap gas prices
Australian parliament on December 15 passed the bill to cap gas prices at A$12/gigajoule (GJ) for 12 months and set up a A$1.5bn ($1.03bn) fund to deliver relief directly to electricity bills. The bill was supported by Greens Party.
The federal government had on December 9 announced its decision to cap gas and coal prices in an effort to “provide targeted energy bill relief for households and businesses”.
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Australia’s peak oil and gas body Appea has slammed the decision saying the energy reform package will push up gas prices for households and businesses after the intervention “smashes" investment confidence in Australia.
Appea criticised the lack of consultation with industry before the Australian government announced it was introducing the intervention of a gas price cap and mandatory code of conduct.
Australia’s biggest gas producer Woodside on December 13 said that the federal government’s plan to cap gas prices will not meet the objective of bringing down the cost of living pressures for households and could make matters worse.
Australian prime minister has said he will meet the energy companies this week to discuss the government’s plan to cap gas prices.