The AER monitors the performance of wholesale electricity and gas markets and publishes data from that monitoring in reports such as the annual State of the Energy Market and Wholesale Markets Quarterly report. This page provides the key data series' for these markets; the charts and tables, as well as underlying data that can be downloaded.
Electricity Quarter 1 2022
Quarterly 30-minute prices, Quarter 1 2022
- Average quarterly 30-minute prices (VWA) in Quarter 1 (Q1) 2022 increased in all regions compared to both Q4 2021 and Q1 2021, with prices ranging from $64/MWh in Victoria to $171/MWh in Queensland.
- The Queensland VWA price was the highest Q1 in Queensland since 2017. This was driven by a number of 30-minute prices above $5,000/MWh and more sustained prices above $100/MWh.
- Final base price of $149/MWh is the second highest ever final base future price in Queensland (highest was Q1 2017 at $173/MWh).
- Base futures for New South Wales and Queensland have spiked following rises in international fuel costs and geopolitical uncertainties.
- South Australia reached a new record minimum demand for a Q1 (216 MW).
- Queensland reached a near record maximum demand.
- Average generation across the NEM in Q1 2022 increased by 383 MW (2%) compared to Q1 2021, following a 2-year downward trend.
- Record output from grid scale solar in all regions.
Frequency controlled ancillary services (FCAS)
- Total FCAS costs for Q1 2022 were $43 million.
- Queensland costs were reduced as upgrade work on QNI was reduced during the quarter.
Gas Quarter 1 2022
Overall, gas market prices were however volatile across the quarter - after hitting a low of $6/GJ in late January, prices ranged around $8-12/GJ, before starting to increase sharply above $12/GJ from the end of March.
- Average downstream gas market prices were down from the previous quarter, ranging from $9.48/GJ in Victoria to $10.22/GJ in Brisbane.
- Average upstream gas prices at Wallumbilla were also slightly lower at $10.13/GJ (day ahead exchange product).
- East coast production averaged 5,357 TJ/day in Q1 2022 exceeding the previous Q1 record set in 2021 (5,294 TJ/day).
- Gas flows from the south to the north via the QSN link continued to strengthen (averaging 210 TJ/day), consistent with east coast gas feeding into high LNG export demand in Queensland.