Opened the debate
King argued that the bill addresses a weak regulatory framework inherited from previous governments, which contributed to severe energy price spikes during the 2022 crisis. The legislation requires liquefied natural gas exporters to hold licences and meet a domestic supply obligation, contributing up to 20 per cent of exports to connected domestic markets. King stated that the framework allows for calibration based on market conditions and existing contracts, ensuring Australia remains a reliable trading partner while securing domestic energy. The bill includes flexible compliance options, such as renewable gas supply, and establishes the Australian Energy Regulator to administer and enforce the scheme. King emphasised that the reforms balance commercial certainty with the national interest, with a backstop commencement date of 1 July 2027 and operational requirements starting 1 January 2028.