The Minister for Resources Madeleine King has announced Australia will extend the life of the ADGSM until January 2030.
The announcement will ensure the ADGSM remains a lever for the government to help safeguard domestic gas supplies.
“The measures I have announced today will ensure we can keep the lights on and our industries operating over the next 12 months and well into the future,” King said.
The minister said gas accounts for around 7 per cent of electricity generation in Australia’s electricity market, with coal accounting for 65 per cent and hydro, wind and solar at around 28 per cent.
“The Albanese Government will do whatever is needed to make sure Australians have ongoing access to the gas and energy sources that belong to the people of Australia,” King said.
The mechanism was due to expire in January next year. A further review will take place in 2025.
