Monitoring performance and analysing trends
The AER monitors the performance of wholesale electricity and gas markets and publishes data in reports such as the State of the energy market and the Wholesale markets quarterly.
On this page you can view and download individual charts and data tables from our most recent market performance reports.
Highlights include:
Electricity Q2 2026
- Average volume weighted quarterly prices ranged from $60 per MWh in Victoria to $95 per MWh in South Australia. Compared to the same quarter last year, prices were considerably lower in all regions. The largest decrease occurred in New South Wales, falling from $188 per MWh to $78 per MWh. Lower prices occurred despite a higher level of demand. Lower prices reflect a decrease in significant price events, higher renewable output, and lower-priced battery generation.
- This quarter saw only 3 high energy prices where the 30-minute price exceeded $5,000 per MWh. This is a reduction from the previous quarter (13) and the same quarter last year (66). All high prices were in South Australia which were driven by elevated demand, low wind generation and network limitations.
- There was a record total number of negative-priced 30-minute periods (2,236) for a quarter 2. This is an increase of 135 or around 6% on the same quarter last year. This was mostly driven by a significant increase of negative-priced periods in Victoria.
- Total offered capacity was over 40,000 MW, the highest level for a quarter 2 since at least 2014. It is also the third largest amount of capacity offered below $300 per MWh for any quarter since at least 2014.
- Batteries set prices much lower than in Q2 2025, with price-setting below $100 per MWh in all regions, compared with more than $200 per MWh last year in most regions. Batteries were the most frequent price-setting fuel type in every region except Tasmania, and each region recorded its highest percentage of battery price-setting.
- Quarterly base future prices for 2026 to Q2 2028 were lower across all regions except Q4 2027 in South Australia. Significant decreases have been observed in both Queensland and New South Wales.
- Five participants with mostly batteries entered the Frequency Controlled Ancillary Services (FCAS) markets this quarter. The new participants were across New South Wales (2) and South Australia (3). These new participants provided 46 new services in total. Four existing participants increased the number of services they provided across the market by 30. There were no participants that exited the market.
- Total FCAS costs in the NEM in Q2 2026 was $9.2 million. This is $4 million lower than the previous quarter ($13.1 million) and $14.2 million less than the same quarter last year ($23.4 million). This is the lowest quarterly cost since at least 2016.
Gas Q2 2026
- Domestic prices declined sharply averaging $9.05 per GJ, down 14.4% from the previous quarter and 26.8% lower than the Apr-Jun quarter in 2025.
- Reduced gas prices were driven by low domestic demand and showing limited impact from the Middle East conflict.
- Downstream market demand fell to record low levels for Q2, influenced by milder temperatures and very low GPG gas usage over the quarter.
- Gas flows south from Queensland were lower than typical levels observed across the past 5 years.