Resources Minister Madeleine King told a press club that Australian industry will remain dependent on gas for the foreseeable future, and that a national gas reservation scheme is expected to bring down power prices.
King said the scheme, which is slated to come into effect in 2028, will secure a stable supply of gas for key sectors, but she did not provide a cost estimate for the programme.
She also did not indicate when households or businesses might start to see any financial relief from the proposed price reductions.
King’s comments come as the government seeks to address rising energy costs, with the reservation scheme designed to lock in gas prices and protect industry from market volatility.
The minister’s remarks echo earlier statements by former opposition leader Peter Dutton, who had previously set a price point for the scheme, but no further details have been released.
<small>Source: The Guardian — read the original story there.</small>
