(ASX: XJO) energy shares could be set for some longer-term tailwinds amid a looming national gas crisis. Here's how these top three ASX 200 energy shares are tracking at the time of writing on Friday: For some context, the ASX 200 is down 0.1% at this same time.
This comes as Australians are warned that a period of low winds has impacted wind power generation along the East Coast. Coupled with cold weather that's seeing people turn up their heaters, the Australian Energy Market Operator (AEMO) cautioned that the eastern and southern states could face a gas crunch through September. The looming gas squeeze comes despite Australia sitting on enough on and offshore gas deposits to meet domestic needs for many decades to come.
But a range of state and federal restrictions have limited the ASX 200 energy shares from bringing that gas online. Domestic supply is also impacted by LNG exports. "In the shorter term, .
.. we need to have a of renewables and gas coming into the system.
That's a balance which other countries are pursuing," shadow treasurer Angus Taylor said this week (quoted by ). The government moved to assure Aussies that their lights and heaters won't be going out this winter. "Today's [AEMO] notice is about a potential risk, not a risk that has eventuated.
AEMO and the market are taking steps to ensure the risk is mitigated ahead of time," a spokeswoman for Energy Minister Chris Bowen said. Australian Pipelines and Gas Association chief executive Steve Davies pointed t.