<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Gas companies will have to reserve one-fifth of their exports for Australian use first in a proposed move hoped to boost supply and reduce prices.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Energy Minister Chris Bowen today announced the east coast gas reservation policy would mandate the three big Queensland-based gas exporters to reserve 20 per cent of their supply to sell to Australian users from July 1, 2027.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It will ensure a modest oversupply of Australian gas use, which will put downward pressure on prices," he said at a press conference.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/arn-agm-investor-strike-remuneration-report-kyle-sandilands-jackie-o-henderson/1465b43d-4275-4274-b953-c3eff971b8d2" rel="" target="_blank" title=""><strong><span>Radio giant claims unwanted piece of Aussie history</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Under the policy, companies would need to show they have met their domestic supply obligations in order to then access the international spot market. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>This would apply to new contracts only. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Resources Minister Madeleine King said the rule would shift the bargaining power and create a buyer's market, leading to lower prices.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/gas-companies-to-reserve-20-per-cent-of-supply-for-australia-under-new-rule/9d2f5f75-f3b5-4524-b52f-6071d0e3577f" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Our gas market will no longer be hostage to international markets," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia is one of the world's biggest liquefied natural gas exporters but risks supply falling below demand from as early as 2028, according to the Australian Competition and Consumer Commission.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/world/hantavirus-mv-hondius-new-country-drawn-into-deadly-cruise-ship-virus-outbreak/a728830a-81b8-47c3-873b-12db77dee7dc" rel="" target="_blank" title=""><strong><span>Aussie on board hantavirus cruise ship has returned home</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Bowen admitted Australia was the only country in the world without a gas reservation despite being advised for decades that gas supply would eventually become an issue.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He and King began consulting with the industry on an overhaul to gas sector regulations late last year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Greens resources spokesperson Steph Hodgins-May said the policy was "written by the gas industry, for the gas industry" and called for the government to introduce a gas export tax.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Prime Minister Anthony Albanese has rejected the recent push to introduce a 25 per cent tax on gas exports after independent Senator David Pocock revealed more federal tax is paid on beer than on gas exporters.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google 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