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.
Electricity Q4 2023
- Average quarterly prices were lower than the preceding quarter in New South Wales, Victoria, and South Australia but higher in Queensland and Tasmania. Prices ranged from $34/MWh in Victoria to $79/MWh in Queensland.
- South Australia (3) and Queensland (2) experienced 30-minute prices above $5,000/MWh while New South Wales, Victoria and Tasmania had none.
- There was a record number of 30-minute negative prices (4,327) in the NEM driven by strong solar output. Most of these occurred in South Australia and Victoria.
- More low-priced capacity was offered than a year ago, but in some regions less was offered than in Q3.
- Two new fast Frequency Controlled Ancillary Services (FCAS) started in October. FCAS costs remained steady this quarter. Two batteries, a demand response and a gas participant entered the FCAS market.
- Base future prices fell significantly in South Australia but remain similar for other regions for 2024 and 2025.
Gas Q4 2023
- This information will be updated shortly.