Australia watchdog sees LNG netback prices above local gas price offers
MELBOURNE, (Reuters) - Australian Competition and Consumer Commission (ACCC) on Tuesday started publishing LNG netback prices, tracking Asia LNG spot prices minus shipping, liquefaction and pipeline costs.
Netback price tracking launched to help improve price transparency in east coast gas market amid concern about soaring prices.
As of Tuesday, series shows October netback price at A$13.21 per gigajoule, with price peaking in January and February 2019 at A$15 and averaging A$12.20 in 2019
ACCC’s assessment in July showed actual prices offered for gas supply in 2019 were in high A$8 to A$11 range.
Prices track Asian LNG spot prices netted back to Australia’s Wallumbilla gas supply hub in Queensland state.
“The establishment of the LNG projects in Queensland and the linking of the domestic gas market with the international LNG market have changed the alternatives available to buyers and sellers in gas price negotiations.”
(Reporting by Sonali Paul; editing by Richard Pullin)
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