New legislation for a national gas reservation scheme will be introduced in Australia, requiring gas companies to set aside 20% of exports for Australian use. The Resources Minister, Madeleine King, is set to introduce the amended bills, which will also grant the Australian Energy Regulator the authority to compel companies to meet an annual target of 110% of demand.
The proposed scheme will limit ministerial discretion and replace the existing Turnbull-era domestic gas security mechanism. In an upcoming speech, King is expected to state that a successful energy transition for the country depends on a "guaranteed supply of affordable gas" for households, renewable energies, and the processing of critical minerals and rare earths. She will also affirm Australia's continued commitment to exporting traditional commodities, including gas and coal.