Australia is likely to become a gas importer despite being a major global exporter of the fossil fuel, with experts declaring time has run out to develop new sources of supply to avert crippling shortages.
Homes and businesses in Victoria and NSW have been put on high alert for gas shortfalls this winter and the Australian Energy Market Operator last month warned the east coast gas market could be in yearly deficits by 2028 unless new supply came online.
Andrew Forrest’s Port Kembla LNG import terminal project could kick off gas imports to Australia for the first time.
Experts now say the only feasible solution is for the southern states to build one or more import terminals so gas can be shipped in from Queensland, Western Australia or overseas.
“We’ve run out of time,” Rick Wilkinson, the chief executive of …