Australia to Require Up to a Quarter of New Gas for Local Market

Australia will require natural gas exporters to reserve as much as a quarter of new production for domestic use, in a bid to tackle high prices and a forecast shortfall on its more populated east coast.

The policy is set to take effect in 2027, and will only apply to supply contracts signed from Monday and not existing agreements, Energy Minister Chris Bowen said in Canberra. The final percentage to be reserved will be between 15% and 25%, although that will be finalized after a consultation next year, he said.