The Wholesale gas market performance report, currently being prepared for publication in May 2026, will be the AER’s first broad-ranging assessment of the overall competitiveness and efficiency of the east coast wholesale gas markets, with a focus on the markets facilitated by the Australian Energy Market Operator (AEMO). Our report will provide an independent, expert and long-term perspective on the performance of these markets.
The 2026 Wholesale gas market performance report will streamline the AER’s public reporting by integrating two other reports — the Gas pipeline monitoring and transparency report and the Australian Energy Market’s (AEMC) previous reporting on liquidity in the gas and pipeline capacity trading markets.
In preparing this report we will have regard to the broader policy and regulatory context, including the ongoing ACCC Gas Inquiry and the Australian Government Gas market review due in Q4 2025.
Background and context
This report forms part of the AER’s new powers and obligations under amendments to the National Gas Law (NGL) that require the AER to regularly and systematically monitor and review the performance, effective competition and efficient functioning of the facilitated wholesale gas markets.
We are also required to monitor and review the operation and effect of financial risk management products and bilateral trading agreements, including their effect on the facilitated wholesale gas markets.
We have previously published the Wholesale market monitoring and reporting guideline 2024 outlining how we intend to use the new NGL powers and approach the analysis for the monitoring and reporting.
The east coast gas market is made up of several separate underlying markets and supply hubs, as well as a supporting bulletin board that provides up‑to‑date information about gas flow. Around 10% to 30% of gas is traded in these spot markets, varying by location. All other gas trade is made under confidential bilateral contracts separate to these markets.
AER has recently published a focus report series on the separate AEMO facilitated markets and will build on this analysis for the 2026 Wholesale gas markets performance report.
The wholesale east coast gas markets facilitated by AEMO are:
- The downstream wholesale spot markets that support short-term gas trading, namely the Victorian Declared Wholesale Gas Market (DWGM) and the Short-Term Trading Market (STTM) hubs in Sydney, Adelaide and Brisbane.
- The upstream Gas Supply Hubs (GSH) that support short-term gas trade at Wallumbilla, Moomba, Culcairn and Wilton.
- The Day Ahead Auction (DAA) which provides a mechanism for spare pipeline capacity and compression services to be made available for short-term trading.
Feedback and further information
If you are interested in providing feedback or have questions about this inaugural report, please contact us by email at MarketPerformance
aer [dot] gov [dot] au (MarketPerformance[at]aer[dot]gov[dot]au).
We also intend to conduct market inquiries in February 2026 with a representative sample of stakeholders. If you are interested in participating in these market inquiries, please also contact us at the above email address.