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Energy Minister Chris Bowen has announced a new review into gas market regulations in a “comprehensive and methodical look at key measures” introduced by various governments on energy supply and prices.

This comes after the Australian Competition and Consumer Commission released its latest gas inquiry report, which the government said “confirm(ed) that short term gas supply is sufficient, but flagging the need for further investment in the longer term”.

“Today the government has opened a review into gas market regulations, taking a comprehensive and methodical look at key measures introduced by successive governments which have safeguarded Australia’s energy supplies and prices as we build a cleaner, fairer and more reliable energy system,” the government statement read.

“The review will also help deliver on the government’s Future Gas Strategy, released in 2024, which spells out the role gas will play alongside renewables, batteries and pumped hydro in securing Australia’s energy future, while also supporting our trading partners as they work towards net zero commitments.”

Mr Bowen reiterated that gas “gas has an important role to play in our energy system as we transition towards 82 per cent renewables”.

“Unlike coal, gas power generators can be turned on and off in a couple of minutes – providing the ultimate backstop in our energy grid,” he said.

“It’s critical that we use this review (to) get the settings right in our gas market, ensuring we are securing affordable Australian gas for Australian use, while remaining a reliable energy exporter and delivering lasting energy security in our region.”