The AER’s wholesale markets quarterly report analyses trends in the electricity and gas wholesale markets, focusing on the most recent quarter, and alerts participants and stakeholders to issues of concern. The quarterly reports include discussion of prices, demand, generation, contracts, market outlook and new entry and exit. These reports are now more concise and made available sooner after the quarter’s end to address the need for timely market information, including reporting on the impact of the Federal Government’s Energy Price Relief Plan.
- Average electricity demand was lower than in Q2 2023. Both gas and electricity demand were on average much lower than the same quarter last year. In all cases, lower demand was largely due to warmer than average temperatures.
- National Electricity Market (NEM) prices were under $100 per MWh in most regions, and less than half Q3 2022 prices.
- Minimum demand for electricity fell to record low levels in NSW, Victoria and South Australia.
- Average electricity prices fell in all regions compared to Q2 2023.
- Rooftop solar in September was 41% higher than last September, reducing demand from the grid.
- East coast gas spot market prices averaged $10.44 per GJ after decreasing through the winter and into spring.
- Forward gas prices for 2024 remain higher than 2023, but more recent trade has been at lower prices. This could suggest an improving outlook.
- At the end of winter, Iona gas storage facility in Victoria is at record high levels.
- In August, gas market participants entered into a high volume of time-swaps. Domestic participants swapped away gas for the summer months in 2024 to export-linked participants and will receive gas in return over winter 2024.