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New gas supply in Western Australia is critical to avoid blackouts and achieve economic benefits, according to WA director.
Gas shortages in Western Australia (WA) are already an increasingly imminent reality, according to a statement made by the Australian Energy Association (AEP), which warns state and federal governments to release the state's vast reserves or face blackouts and higher prices.
Amid growing demand for gas over the last decade, the Australian Energy Market Operator highlights the crucial importance of gas in meeting WA's energy needs and is essential to supporting the transition to net zero emissions. However, supply shortages become even more imminent next year, which could result in energy shortages and upward pressure on prices for WA households and businesses. It is crucial that measures are taken to resolve the gas supply situation as quickly as possible.
The importance of gas in the energy matrix
Australian Power Producers WA executive Caroline Cherry, highlighted the need to unlock new gas to avoid supply problems and higher prices. She reinforces that WA has abundant gas reserves, but highlights the importance of the will political to help unlock more reservations quickly. The increasingly worrying warnings reinforce the urgency of policies that support the development of gas supply. Furthermore, it highlights that the state government must rethink its ban on onshore projects to access export markets.
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The need to expand onshore gas exports
A recent study of Rystad Energy shows that allowing export of onshore gas projects expands the number of viable projects, unlocking new domestic supply and reducing domestic pricing. Furthermore, it is urgent to correct the offshore approvals system that affects key energy supply projects and threatens economic security. It is worth noting that dependence on the diversion of LNG exports can be avoided, as there is so much unexploited gas and so many economic benefits arising from the development of a new supply.
Rising gas demand in WA
Gas demand in WA is expected to increase by 2,2% annually over the next decade, overcoming a 0,9% annual decline in supply. A Western Australian Gas Opportunities Statement of 2023 concluded that domestic supply will increase demand shortages from next year until 2029, before shortfalls return in 2030 and worsen.
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Source: AtCoMedia. Inc.
