Quarterly report
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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.

Insights - October to December 2023

  • National Electricity Market (NEM) spot prices averaged under $80 per MWh in all regions in Q4. and forward prices also fell. While these were well below 2022 levels, it will take time to be reflected in prices faced by consumers. 
  • Due to seasonally lower demand, all fuel-types generated less than last quarter except large-scale solar.
  • Record rooftop solar contributed to low electricity demand this quarter, including record minimum demand in Victoria and South Australia.
  • More low-priced capacity was offered than a year ago, but in some regions less was offered than in Q3.
  • Forward electricity prices fell during the quarter for all regions traded.
  • East coast gas spot market prices averaged $10.83 per GJ, slightly above the previous quarter.
  • Low domestic gas market demand and gas generation offset high LNG export flows.
  • International LNG spot prices have decreased slightly over December and remain significantly lower compared to last year.
  • Significant volumes of gas were traded in Q4 through short term bilateral contracts for delivery over 2024, with just over 50% of those trades in price bands between $10-$12 per GJ.
  • Topped-up southern storage remains at record high levels.


Q4 2023 Wholesale markets quarterly report

The AER’s Q4 2023 wholesale markets quarterly report analyses trends in the electricity and gas wholesale markets over October to December 2023.