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 Q4 2025
- Average quarterly prices decreased in all regions compared to the previous quarter and ranged from $42 per MWh in Tasmania to $86 per MWh in New South Wales. Lower prices occurred despite a high level of demand. Lower prices reflect an increase in low-priced offers and fewer significant price events. Total offers and offers below $0 per MWh this quarter were the highest for a Q4 since at least 2013.
- This quarter saw only 3 high energy prices where the 30-minute price exceeded $5,000 per MWh. This is a reduction from the previous quarter (7) and the same quarter last year (23). All high price energy events were in New South Wales, which was driven by a sudden increase in demand due to a significant reduction in rooftop solar generation, generating units were unable to start or ramp up quickly enough, and network limitations.
- There was a record total number of negative-priced 30-minute periods (6,383). All regions recorded their highest number of negative-priced 30-minute periods, except Tasmania. The number of negative periods increased due to high solar and wind generation. The total number of negative prices this quarter (6,383) is 28 per cent higher than the same quarter last year (4,989).
- Batteries set the price lower in all regions compared to the previous quarter. This likely reflects the fewer high price events that occurred in the energy market. Batteries set price more often, which were record levels in all the regions.
- Base future prices are varied across the regions for 2026 and 2027. Future prices in Queensland, New South Wales and South Australia decreased, and Victoria is mixed with some quarters higher and some lower. The total number of traded caps contracts is the highest for the same quarter since at least 2014.
- Nine participants entered the Frequency Controlled Ancillary Services (FCAS) markets and 7 participants registering for all 10 services. The new participants were across Victoria (3), New South Wales (3) and Queensland (3). South Australia and Tasmania had no new participants. One existing participant reduced the number of services they provided across the market by 24.115 more services were provided in total, out of which existing participants added 19. There were no participants that exited the FCAS market.
- Global FCAS costs were below $6 million this quarter and the lowest since 2016. Lower ($1.1 million) and raise regulation ($3.3 million) contributed to most of the total global costs. FCAS cost in South Australia and Tasmania was lower than the previous quarter while Queensland was higher.
Gas Q4 2025
- The gas highlights will be available soon.