FINWIRES · TerminalLIVE
FINWIRES

NSW Government Reopens Gas Exploration to Thwart Looming East Coast Supply Gaps

By

The New South Wales government said Wednesday that it opened the Bancannia and Pondie Range Troughs for gas exploration, marking the state's first new acreage release in over a decade to address forecast energy shortfalls.

To stimulate investment and maintain regional competitiveness, the government stated it will "update regulations" to slash exploration license application fees from AU$50,000 ($35,793) to AU$1,000.

This policy pivot aims to secure feedstock for the industrial sector which consumes 40% of the state's gas and provide critical firming capacity for the electricity grid as renewable penetration increases.

While the move aligns NSW with other states seeking new domestic reserves, authorities emphasized that exploration does not guarantee extraction.

Any resulting projects must clear independent planning assessments and meet stringent environmental and community consultation standards, as per the statement.

The initiative is a direct response to Australian Energy Market Operator warnings regarding supply gaps across the East Coast market, positioning gas as a bridge for both manufacturing stability and grid reliability.

Related Articles

Commodities

US Crude Inventories Fall, API Says

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories declined by 1.79 million barrels in the week ended April 24, following a 4.40-mmbbl draw the previous week, and compared with analysts' estimate of a 300,000-bbl decline, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

Commodities

Oneok Q1 Throughput Rises in NGLs, Gas Processing as Crude Volumes Decline

Midstream firm Oneok (OKE) reported Q1 earnings Tuesday, showing natural gas liquids throughput volumes rose to 1.49 mmb/d, compared with 1.29 mmb/d a year earlier.Natural gas processed volumes totaled 5.49 billion cubic feet per day in Q1, up from 5.25 Bcf/d a year earlier, led by increases in the Mid-Continent, Permian, and Rocky Mountain regions.Crude oil transportation volumes fell to 1.61 million barrels per day for the quarter ended March 31, compared with 1.85 mmb/d a year earlier, the company said.Refined products shipments reached 1.57 mmb/d for Q1, compared with 1.40 mmb/d a year earlier, Oneok said.Gasoline throughput volumes rose 16% at 909,000 b/d for the quarter, compared with 785,000 b/d a year earlier. Distillates jumped 12% to 562,000 b/d, up from 500,000 b/d a year ago.Aviation fuel and other volumes dropped to 97,000 b/d, from 116,000 b/d a year earlier.The company advanced growth projects including the Medford fractionator, with Phase I capacity of 100,000 b/d expected in Q4 2026 and Phase II capacity of 110,000 b/d targeted for Q1 2027, it said.Oneok is also progressing a Texas City LPG terminal with 400,000 b/d capacity, expected online in early 2028, alongside a Denver refined products pipeline expansion adding 35,000 b/d by mid-2026, the company said.In the Permian Basin, Oneok completed a 150 million cubic feet per day plant relocation in Q1 2026 and is building 110 mmcf/d expansions for completion in Q3 2026, with a 300 mmcf/d Bighorn plant planned for mid-2027.

$OKE
Commodities

Edison International Q1 Earnings Highlight $41 Billion Capex Plan, 7% Rate Base Growth

Edison International (EIX) reported Q1 earnings Tuesday and outlined a $38 billion to $41 billion capital plan through 2030 to support grid investments and reliability, and to meet rising demand, the company said.The company expects the rate base to grow at about 7% annually from 2025 to 2030, reaching almost $67.9 billion by 2030, driven by infrastructure and electrification investments.Annual investments are expected to range between $7.3 billion and $9.1 billion through 2030, including California Public Utilities Commission- and FERC-regulated projects and advanced metering programs, the company added.CAISO-awarded FERC transmission projects form a key part of Edison International's long-term investment plan, with additional opportunities beyond 2030, including about $2 billion of projects supporting grid expansion and reliability, the company said.The advanced metering infrastructure program represents a total investment of about $3.1 billion, with roughly 50% allocated between 2026 and 2030 and the remaining 50% scheduled for 2031 to 2033.Southern California Edison, a unit of Edison International, holds variable interests in certain power purchase agreements, limiting its financial exposure, the company said.These agreements provided 6.06 gigawatts of contracted capacity as of March 31, 2026, up from 5.30 GW a year earlier, with payments rising to $204 million from $172 million, recoverable through customer rates.The company said these arrangements carry no significant loss exposure, as they do not guarantee debt or equity support and rely on regulated cost-recovery mechanisms, thereby ensuring stable financial positioning.

$EIX