Australia’s Energy Industry Hits Out At Natural Gas Price Cap

Senex Energy announced it was suspending an investment project in the Surat Basin in Queensland after the Australian government approved a cap on domestic gas prices that caused outrage in the industry. “New laws passed by the Albanese Government that could arbitrarily dictate investment returns for gas producers puts at risk Senex Energy’s $1 billion investment plan to bring new gas to the east coast market,” the company, which is a subsidiary of South Korean steel major POSCO, said in a statement. “This will result in…