Dow backs new gas developments and NEG

Australia must lift restrictions on gas development and adopt the National Energy Guarantee (NEG) in order to save the local industry, according to Dow Chemical.

The Australian reported Dow Australia President Louis Vega said the country “must maximise the value our natural gas and renewable resources bring” to lower energy prices and protect the industry.

Mr Vega said with gas prices three times more expensive than they were four years ago, “without a concerted effort and plan, consumers will continue to suffer and businesses will continue to shut down”.

Mr Vega also said a more realistic way to cut costs was to allow new gas exploration in the southern states, not build LNG import terminals and bring in the resource from overseas.

The call follows comments from Federal Energy Minister Josh Frydenberg who called for states to abolish “mindless moratoriums” on gas development.

While the fracking ban was lifted in Northern Territory earlier this year, unconventional onshore development is banned in Victoria and strictly regulated in other states, including New South Wales.

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