Canberra, Aug 1 (TIWN) The Australian Competition and Consumer Commission (ACCC) on Monday released an interim report in which it warned thatthe country is facing significant shortfalls in gas supplies in 2023.

In its gas inquiry 2017-2025 interim report released on Monday, the Australian Competition and Consumer Commission (ACCC) said the east coast gas market is facing a gas shortfall of 56 petajoules in 2023.  This gap is about 10% of annual domestic demand, “signifying a substantial risk to Australia’s energy security”, the report says.  The potential shortage marked “a significant deterioration” compared with the ACCC’s 2022 forecast and “could place further upward pressure on prices and result in some manufacturers closing their businesses, and some market exit has already occurred”, the report said.