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The Minister of Resources has informed gas producers that the federal government intends to withdraw “gas triggers” to limit their exports, unless they can prove that the country is not facing a gas shortage by 2023. Key points: The federal government has warned it will withdraw the “gas trigger” if supplies for next year are not guaranteed Gas industry says Australia is not facing a gas shortage, contrary to warnings Government will work to reform gas triggers and renew them by 2030 Madeleine King said she would issue a notification to suppliers, the first step towards enforcement of the Domestic Gas Supply Mechanism, directing them to provide a detailed response on supply and export forecasts for next year. Consumer watchdogs have warned that despite Australia’s abundant gas supplies, the outlook for next year is “very concerning”, with most of that supply slated for export. It warns the government to consider intervention or risk a gas shortage by 2023. The federal government has th

The Federal Government has been urged to consider intervention in energy markets, amid fears a gas shortage could lead to higher prices, according to a recent report by the consumer watchdog. Key points: ACCC report projects biggest domestic gas supply shortfall since 2017 The projected shortfall could put further pressure on prices Concerns arose that some manufacturers could be shut down The Australian Competition and Consumer Commission (ACCC) has released an interim report on its investigation into gas supplies along the east coast. It said that while Australia has “relatively abundant gas resources”, most of it is produced for export and large volumes are needed for the domestic market next year to avoid shortages. “The outlook for 2023 is very worrying and is likely to put further pressure on prices, which could result in some commercial and industrial users being unable to operate,” the report said. “This is a significant deterioration in conditions compared to what we projected

Ford plans to build 2 million EVs per year by the end of 2026 and is actively sourcing raw materials from miners and battery capacity from manufacturers. Ford Motor Company announced this week it would push through a number of deals to accelerate electric vehicle (EV) manufacturing to meet global demand. The American multinational automaker is sourcing battery capacity and raw materials to enable it to build 600,000 EVs by the end of 2023, with the annual global EV operating rate expected to increase to more than 2 million by the end of 2026. As part of this, battery maker China Contemporary Amperex Technology Co., Ltd (CATL) has agreed to provide Ford with a full lithium-iron-phosphate (LFP) battery pack for the Mustang Mach-E model for North America next year, and a battery pack the same for the F-150 Lightnings model in early 2024. The company has now supplied about 70% of the battery cell capacity needed to support its annual operating rate by the end of 2026. In reaching 600,000 E

On Wednesday, Queensland Energy Minister Mick de Brenni claimed his country had done the heavy lifting in the national energy market. Load “We send 300 terajoules of gas per day to the southern states, enough to power hundreds of thousands of homes,” de Brenni said. “We are providing these supplies to help Victorians and NSW residents through one of their toughest winters on record.” Australia’s energy market remains in disarray. Professor Bruce Mountain, director of the Victorian Center for Energy Policy, said coal-fired power generation was now “past its prime” and there was a shortage of wind and solar power available to offset the decline in coal. “As a result, gas has been forced to enter the market to produce much more electricity than usual,” he said. “We have a gas generation that is not efficient for power, the goal is purely to fill the peak, but it doesn’t just fill the peak, it runs very often, so it drains a lot of gas out of the system.” Mountain said Victoria was produ

Chris Blumas understands why investors might be nervous about a looming recession. Illustration after illustration of Joel Kimmel Money manager Chris Blumas understands why many investors are reluctant to buy stocks at this time, given the economic threats, including predictions of a growing recession. But in his view, the market is currently much less risky as valuations for many securities have dropped significantly, meaning the potential for better returns is even higher for investors holding funds for the long term. “That’s not to say that things can’t go down in the short term, but for anyone with a time horizon of more than three to five years, now is a pretty interesting time to invest if you can look beyond short term volatility. , said Mr. Blumas, a Toronto-based portfolio manager at Raymond James Investment Counsel Ltd., a multi-manager platform with approximately $1 billion in assets under management. “I see a lot of value in the market today,” added Mr. Blumas, who overs