CANBERRA, Australia - Australia's conservative government will go ahead with legislation to put export controls on gas, Prime Minister Malcolm Turnbull said Tuesday.
"We are taking immediate action to put downward pressure on power prices and ensure reliable and secure energy for all Australians," Mr. Turnbull told reporters. "We will be implementing our gas regulation that affects exports as one of the factors that affects the high price of energy at the moment is a shortage of gas."
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Under the proposed legislation, which is still to pass through Parliament, liquefied natural gas projects taking gas from the domestic market in order to meet long term contract commitments abroad will be stopped from exporting the amount of gas which equates to any gas shortfall locally.
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(END) Dow Jones Newswires
June 19, 2017 23:34 ET (03:34 GMT)