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 2025
- Average quarterly prices increased in all regions compared to the previous quarter and ranged from $136/MWh in QLD to $188/MWh in NSW. Prices for the quarter were primarily driven by high price events that occurred over 3 days towards the end of the quarter on 11, 12 and 26 June 2025.
- This quarter saw 66 high price energy events (plus 10 FCAS events) where the 30-minute prices exceeded $5,000 per MWh. This was the second largest number of high price energy events in a quarter (the highest was Q1 2008 with 69 energy events). There were 8 events in Queensland, 19 in NSW, 15 in both Victoria and South Australia and 9 in Tasmania.
- There was a record number of negative-priced 30-minute periods in the NEM (2,101) for a quarter 2. The number of negative periods compared to the previous quarter was lower due to less solar during shorter winter days and the low wind generation season.
- Batteries set the price more often and at higher prices across all regions. In South Australia batteries set the price 23% of the time which is the highest of all regions.
- Base future prices are varied across the regions for 2026. Future prices in New South Wales and South Australia decreased, Victoria increased, and Queensland is mixed with some quarters higher and some lower for 2026. The total number of traded contracts increased significantly from the previous quarter.
- Frequency Controlled Ancillary Services (FCAS) costs increased this quarter. There was one new participant in the market registering in all services while 4 existing participants made changes. Only one of these 4 participants reduced the services they were registered in while all others made additions.
Gas Q2 2025
- Gas prices varied significantly over the quarter, but were generally down from Q1 2025 and were around 10% lower than Q2 last year due to record low Q2 demand (89 PJ).
- Downstream market prices averaged $10.70 per GJ in May alongside warmer than usual weather, compared to $13.42 per GJ in June influenced by colder weather and coal outages driving increases in GPG demand.
- While Longford production was marginally down from the same period last year, supplying record low output for Q2 (48.4 PJ), production increased over June with rising capacity outlooks as winter demand increased.
- Flows transporting gas predominantly north in April turned sharply south from mid-May as southern demand increased.