The federal government has announced its much-anticipated gas reservation scheme, to provide security for Australia’s domestic supply and put downward pressure on prices.

The scheme, working though permits, will only affect new contracts. Although it will apply to all new contracts from now, the plan will not begin operating until 2027. Consultations on details will start in the new year.

The government acknowledges the importance of gas in the energy transition, and is seeking to get on top of both availability and cost issues.

“Australian gas for Australian users, ” Energy Minister Chris Bowen said, unveiling the plan with Industry Minister Tim Ayres after a cabinet meeting in Canberra.

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