Australia faces a 'perfect storm' on gas supply, as minister warns problem will not be solved quickly

The new Energy Minister has warned Australia is on the precipice of a gas crisis, and the problem will not be solved quickly. Key points: Gas prices are soaring due to the war in Ukraine and problems with some coal plants The new Labor government is meeting with gas companies to find additional supply The Energy Minister is warning the problem will not be solved quickly On his first day as Minister for Climate Change and Energy, Chris Bowen has left all options on the table to curtail the rising cost of gas and electricity, including a controversial "gas trigger" to requisition supplies of gas intended for export. 'Gas trigger' wouldn't take effect until next year The federal government has the power to force exporters to keep more gas onshore for domestic use, under the Australian Domestic Gas Security Mechanism, known as the gas trigger. Government's 'gas trigger' explained Photo shows Engineers wearing green body suits turn the valve of a gas pipe As gas prices rocket upwards, the federal government is fielding questions on whether it would use its "gas trigger" powers to force gas exporters to keep supplies onshore. "We understand current spot prices, representing only 10 per cent to 15 per cent of the industrial gas market, are under pressure," said acting chief executive Damian Dwyer.