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The Wholesale Markets Quarterly

High priced event reports

AER Guidelines for market participants

Monitoring wholesale markets

Monitoring wholesale gas and electricity market performance is an important element in building knowledge and trust in Australia’s energy system.

Our regular performance reporting enables policymakers, market participants and the community to understand the key drivers behind the prices and trends in the markets. 

Led by a team of subject matter experts, we engage in open, honest and easy-to-understand reporting to enable decision-makers to make informed decisions about the opportunities and challenges ahead.

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Enhanced market monitoring and reporting functions

The National Electricity Law and the National Gas Law requires us to monitor the wholesale electricity and gas markets and their associated contract markets. 

We report on their performance as part of our enhanced wholesale market monitoring and reporting function. In general, we are required to identify and analyse whether: 

  • there is effective competition in the wholesale markets,
  • there are features of the markets that may be detrimental to effective competition,
  • there are features of the markets that may be detrimental to market efficiency and the achievement of the National Electricity Objective or National Gas Objective.

The overarching purpose of these functions is to promote effective market competition and efficient market functioning of wholesale electricity and gas spot and contract markets. 

Through regular monitoring and reporting of how those markets operate and interact, we will improve market transparency, provide well-informed advice and analysis, and enable deeper insights into retail markets and drivers underpinning prices ultimately paid by consumers. 

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Enhanced Market Monitoring and Reporting Guideline

This Guideline outlines the AER’s wholesale market monitoring functions, our approach to assessment and reporting, and the collection and use of information. 

We will use our improved market understanding and insights to expand and enhance our existing monitoring and reporting activities, providing timely and transparent information to market participants, policy makers and consumers throughout and beyond the energy transition. 
 

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Information collection instruments

In undertaking our wholesale market monitoring and reporting function, the AER may collect information using Market Monitoring Information Orders and Market Monitoring Information Notices where we believe it is reasonably necessary to obtain information that will help us perform our market monitoring functions effectively. We may also use our general information gathering powers.

Accurate, effective and meaningful assessments of the performance of wholesale markets requires the regular collection of information from persons who hold information relevant to our functions.

Search our performance reports

Our Wholesale markets quarterly is a sought-after publication by market analysts, government and the media. The quarterly report provides data and commentary on wholesale prices, fluctuations in demand, generation and storage.

We provide separate reports when a significant price spike above $5,000 per megawatt hour occurs in the National Electricity Market. We look at the drivers behind those events, including compliance with the rules and whether any enforcement action is necessary.

We also provide special analysis of activity and significant price events in the Victorian gas market, the Short Term Trading Market operating in Adelaide, Sydney and Brisbane and the Wallumbilla and Moomba gas supply hubs.

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Prices above $5,000/MWh - January to March 2025

A combination of factors contributed to high electricity prices in the National Energy Market this quarter.
Performance reports
Release date
Wholesale

Wholesale gas market focus report – Downstream spot markets

The final of three focus reports looking into facilitated gas markets to assess how they support efficiency and competition in Australia's east coast market.
Performance reports
Release date
Wholesale

Wholesale markets quarterly - Q1 2025

The AER’s wholesale markets quarterly report analyses trends in the electricity and gas wholesale markets, focusing on the most recent quarter.
Performance reports
Release date
Wholesale
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