Federal Energy Minister Angus Taylor is warning against complacency on gas prices.
Gas supply pressures across Europe are a result of underinvestment in oil and gas in recent years, he will tell an industry conference on Friday.
"This is something we have continued to raise on a global level with the International Energy Agency - but it is also a risk here at home," he says.
In the speech to the Energy Networks conference in Brisbane, the minister will also call out what he describes as "activism" against new sources of gas.
Stopping large basin developments and discouraging new residential gas connections could cause both electricity and gas prices to rise, he warns.
He will also caution the private sector against decisions to exit coal-fired electricity generation that put affordability and reliability at risk.
"This is why the accelerated exit of Eraring is so disappointing - leaving a potential 21 per cent gap in energy generation across NSW," he says.
Origin's Energy's Eraring power station is heading for an accelerated shutdown after a shock announcement in January that surprised the federal minister.
"Keeping existing generation for as long as it is needed, and replacing it when it leaves is vital," Mr Taylor says.
He says there are also implications for the future uptake or commercial viability of "low carbon gas" if too many gas customers switch off before pipeline infrastructure is built to support new technologies.
Australia's energy ministers have agreed that hydrogen blends, biomethane and other renewable gases should be brought within scope of the national gas regulatory framework.
Assuming the Morrison government is re-elected, draft laws will be presented to ministers for approval by the middle of this year.
The minister will also recognise the industry's work in recent weeks as crews restore power to flood-affected areas in Queensland and NSW .
"This is critical work, and very much valued by the community," he says.
"Events such as these show just how much electricity, gas supply and secure energy networks underpin our way of life."
