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 Q4 2024
- Average quarterly prices ranged from $58/MWh in Victoria to $170/MWh in New South Wales. The average quarterly prices increased in Queensland and New South Wales driven by a number of factors, including a decrease in low-priced offers and increases in coal generator outages, demand at peak times and high price events. Prices decreased in South Australia, Victoria and Tasmania, largely due to typical changes in seasonal demand.
- There were 23 high priced periods - 13 in New South Wales, 7 in Queensland and 3 in South Australia. There were common drivers across most of the high price periods including network limitations, high demand, baseload outages, and periods of low wind or solar output. There were also 15 high raise 6 second service prices in Queensland.
- There was a record number of negative-priced 30-minute periods in the NEM (4,989), including a record number in both South Australia and Victoria. Negative price intervals occurred due to an increase in low-priced offers by renewable generators at times combined with higher rooftop solar output.
- Four participants entered the FCAS market, with the majority offering all services types. Seven existing participants altered the services they are registered for. Two participants deregistered their units across a number of service types.
- Base future prices decreased in New South Wales and South Australia for 2025. Queensland and Victoria futures have been mixed with some quarters higher and some lower for 2025.
Gas Q4 2024
- Average gas prices were 8% higher than the previous quarter and 25% higher compared with the same period in 2023. Price increases were more evident in the northern markets, with Brisbane daily prices peaking at $21 per GJ on 16 December.
- A price differential between the Brisbane and Victorian downstream markets emerged this quarter, where the Brisbane STTM averaged $1.93 per GJ higher than Victorian DWGM prices throughout the quarter, rising to $3.50 per GJ between 18 November and 20 December. This was primarily driven by a period of higher gas generation demand in Queensland driving up prices in Brisbane.
- Gas-powered generation (GPG) demand was elevated compared to the same time in 2023, most notably in Queensland, while overall demand fell in line with the typical seasonal decrease. GPG gentailers adjusted their offer profiles across their portfolios, purchasing at higher prices within the downstream markets. Record-high export demand out of Queensland also put pressure on prices.
- Average Longford production was higher than Q4 2023, despite shutting down a processing plant earlier this year.
- Gas flows north via the QSN link at Moomba were significantly higher than previous years, with corresponding increases in volumes for north-flowing spare capacity being won on the Day Ahead Auction. Near-record QSN link flows were supported by record flows through the VNI in Victoria.
- Three high Market Operator Services (MOS) payment events occurred on 28 November, 14 December and 20 December in the Sydney STTM.