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 2024
- Average quarterly prices were higher than the preceding quarter in all regions except Queensland. Prices ranged from $109/MWh in Queensland to $189/MWh in New South Wales. Prices increased due to a combination of higher demand, network and generator outages, and lower wind and solar output.
- The number of 30-minute prices above $5,000/MWh fell this quarter from 26 to 19 instances, most of these were in New South Wales (18). These high prices were driven by network and generator outages combined with rebidding which led to the price safety net being triggered. These circumstances meant that New South Wales had its highest average weekly price on record of $825/MWh in the week commencing 5 May 2024.
- Frequency Controlled Ancillary Services (FCAS) costs fell again this quarter. One participant entered the FCAS market offering all services except regulation raise and lower. Twelve existing participants registered their units for additional services which were mostly 1 second. The average quarterly price of raise and lower 1 second services fell from the preceding quarter. The average price of raise 1 second service was $10/MW which is much higher than all other services which were below $6/MW.
- Base future prices increased in most regions for the remainder of 2024 and 2025. South Australia is the only region with lower futures from late 2025 onwards.
Gas Q2 2024
- Gas markets remained vulnerable to price shocks and supply shortfalls over winter.
- Domestic gas prices increased to $13.76 over the quarter, influenced by cold weather driving up demand in southern states.
- Prices spiked in May and June, reaching $28 in Sydney on 20 June.
- Lower than expected supply from Longford over the quarter drove an increased reliance on Iona storage.
- Record gas flows south from Queensland on the QSN link were recorded following the stage 2 capacity expansion of the SWQP and MSP.