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| Mr Turnbull said gas companies would increase supply to meet domestic and international demand. (ABC News: Nick Haggerty) |
The promise emerged after an hour-long crisis meeting in Canberra convened by Prime Minister Malcolm Turnbull, to find solutions to what he termed a looming crisis.
"They have given us a guarantee that gas will be available to meet demand," Mr Turnbull said.
"We are a massive gas exporter and it is untenable for us to be in a position where domestic gas consumers ... cannot have access to affordable gas."
It comes a day after South Australia announced it would spend more than $500 million to build a new gas-fired power plant and Australia's largest battery in an attempt to secure the state's energy supplies.
South Australia has experienced blackouts and load shedding when demand for power outstripped supply.
SA power milestones and mishaps  |
| SA's power generation and supply security has been under scrutiny in recent times. How did we get here? |
Mr Turnbull said they would increase supply in order to meet domestic and international demand.
He would not be drawn on how the companies would increase supply, but said they would revise up their domestic gas production forecasts.
"That is a matter for them as to how they manage the balance between domestic and export," Mr Turnbull said.
"But they understand the absolutely critical importance of maintaining their social licence to be doing business in Australia.
"We [Federal Government] have the ability to control exports ... we have that power.
"We want the market to operate, we want their there to be as much freedom in the market to operate, we want there to be as much investment as possible.
"But I stress, we will not shirk from any measures that would be required, if all else fails, to protect Australian businesses, jobs and families."
Two companies, including Asia Pacific LNG, promised to be net domestic gas distributers, meaning they will provide more gas to the Australian market than they will export.
Links
- SA to spend $500m to take control of state's energy market
- 'Worst fears being realised' as residents most likely to bear cost of gas shortage
- Crisis meeting on gas as Malcolm Turnbull warned of winter power crisis
- Malcolm Turnbull to demand gas companies lift supply, states end bans
- PM convinces gas companies to boost supply
- Malcolm Turnbull to tap gas chiefs for solutions in emergency energy talks
- Turnbull to gas industry: give the local market more supply
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