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 Q3 2025
- Average quarterly prices decreased in all regions compared to the previous quarter and ranged from $80/MWh in QLD to $124/MWh in SA. Lower prices occurred despite the highest level of demand for the same quarter since 2012. Lower prices reflected fewer significant price events and an increase in low-priced offers.
- This quarter saw only 7 high energy prices where the 30-minute price exceeded $5,000/MWh. This is a significant fall from the previous quarter (66) and the same quarter last year (54). All high price energy events were in SA on 2 July and were due to a planned network outage, low wind and rebidding.
- While there were fewer energy high prices, there were 53 high prices in lower 1 second Frequency Controlled Ancillary Services (FCAS) (note: a high price in FCAS is when there is at least 2 consecutive prices above $5,000/MW). This is a large increase on the previous quarter (10) and the same quarter last year (3). All these events were in SA and were due to a planned network outage. SA FCAS costs were above $50 million this quarter and are the highest since 2020. Total FCAS costs increased this quarter and are the highest since 2022.
- There was a record number of negative-priced 30-minute periods in NSW (523) and QLD (1,041). The number of negative periods increased compared to the previous quarter as there is more solar generation during the longer daylight hours and the higher wind generation season. The total number of negative prices this quarter (3,836) is 12 per cent lower than the same quarter last year (4,341).
- 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 QLD, NSW and TAS.
- Base future prices are varied across the regions for 2026. Future prices in Queensland and Victoria increased, South Australia decreased, and New South Wales is mixed with some quarters higher and some lower for 2026. The total number of base traded contracts is the highest for the same quarter since at least 2014.
- Four participants entered the FCAS markets, registering for all 10 services. The new participants were across VIC (2), NSW (1) and SA (1). One existing participant registered a unit for all 10 services while another participant deregistered a unit across 8 services. There were no participants that exited the FCAS market.
Gas Q3 2025
- Gas prices and demand were stable across the quarter and similar to Q3 levels observed over the previous two years.
- Longford production in Victoria dropped to record lows with strong gas flows south from Queensland extending further into the quarter.
- Market Operator Service (MOS) balancing gas payments exceeded the $250,000 significant price variation reporting threshold in Sydney on 6 August, following a similar threshold breach on 30 June.