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 Q1 2026
- Average quarterly prices ranged from $50 per MWh in Victoria to $144 per MWh in South Australia. Compared to the same quarter last year, prices were lower in all regions except South Australia. The largest decrease occurred in Queensland, falling from $102 per MWh to $69 per MWh. South Australia had increased from $98 per MWh to $144 per MWh reflecting several significant prices that occurred in the quarter. Lower prices occurred in most regions despite a high level of demand.
- This quarter saw 13 high energy prices where the 30-minute price exceeded $5,000 per MWh. This is an increase from the previous quarter (3) and the same quarter last year (11). All high energy prices for the quarter occurred in January, with most in South Australia from the 26 to 27 January (8). These prices were driven by hot temperatures leading to high demand coupled with low wind output and network limitations.
- The total number of negatively priced 30-minute periods for Q1 2026 was 2,973. This is 53 per cent lower than the previous quarter (6,383), and 17 per cent lower than the same quarter last year (3,598). Most negative prices occurred in South Australia and Victoria.
- Total offered capacity reached was over 41,100 MW, the highest level since at least 2013. Increases in offers were observed across all price bands.
- Batteries set the price lower in most regions compared to the previous quarter. The exception to this was South Australia, where batteries set price higher, reflecting the increase in the amount of high price energy events in the region for Q1 2026.
- Base future prices for 2026 to 2028 are varied across regions. Future prices in New South Wales decreased, Queensland almost all decreased, while Victoria and South Australia recorded a mix of increases and decreases across the quarters. The total number of traded caps contracts is the highest for the same quarter since at least 2015.
- There were no new Frequency Controlled Ancillary Services (FCAS) participants entering the market this quarter. An existing participant in Queensland added 10 services, while another existing participant in South Australia removed 8 services. No participants exited the market this quarter.
- Total FCAS costs in the NEM in Q1 2026 Was $13.6 million. This is $4.8 million lower than the previous quarter ($18.4 million) and similar to the same quarter last year.
- Global FCAS costs were $2.9 million this quarter, which is the lowest quarterly cost since Q1 2014.Raise regulation contributed to most of the total global costs ($2 million). Local FCAS costs in South Australia and Queensland were lower than the previous quarter, while Tasmania was higher.
Gas Q1 2026
- Gas prices decreased significantly from the previous quarter and were 14-23% lower than the same period in 2025.
- Demand across downstream markets for Q1 decreased below previous Q1 levels.
- Longford production returned to stable levels around 400 TJ per day following maintenance over the previous quarter.
- Gas flows north to Queensland were relatively low compared to the previous 5 years.