ACCC & GMRG recommendations on east coast gas market transparency
Publication date: Friday, 21st December 2018.
The Australian Competition and Consumer Commission (ACCC) and the Gas Market Reform Group (GMRG) released a joint paper on 21 December 2018 recommending 18 measures to improve the transparency of the east coast gas market.
The joint paper follows a request in March 2017 by the then Prime Minister for the ACCC and GMRG to work together to advise on options to quickly improve transparency across the gas supply chain.
The recommendations aim to improve the functioning of the gas market by ensuring that market participants have ready access to information to make informed decisions about gas consumption, production, transportation, investment and risk management in the short and long term.
On 19 December 2018, the Energy Council tasked the Senior Committee of Officials with developing a package of measures to address the report. A first step will involve consulting on the ACCC and GMRG recommendations and draft amendments to the National Gas Law, Regulations and Rules that would give effect to these measures.
The recommendations and draft legislation will be open for public consultation in the first half of 2019. This will inform the design of a final package of measures which will be brought to the Energy Council for endorsement by the end of June 2019. Details of the consultation process will be announced on the website in early 2019. It is hoped measures will be in place by April 2020, when the ACCC’s reporting as part of their Gas Inquiry concludes.