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 2024
- Average quarterly prices decreased in all regions except South Australia and Queensland. Prices ranged from $114/MWh in Queensland to $201/MWh in South Australia. Higher demand in July and early August put upward pressure on prices. Milder weather from late August onwards brought lower demand and more moderate prices.
- Q3 had a significant number (54) of high price periods, with South Australia accounting for half these (27). There were common drivers across most of the high price periods including network limitations, high demand and very low-wind output.
- There was a record number of 30-minute negative prices (1,314) in the NEM for a quarter 3 which was driven by high overall wind output in the quarter. Most of these occurred in South Australia and Victoria.
- Frequency Controlled Ancillary Services (FCAS) costs increased this quarter. Ten participants entered the FCAS market, with the majority offering all types of services. Four existing participants registered their units for additional services which were mostly 1 second. Six existing participants deregistered their units across a number of service types. The average quarterly price of raise 1 second fell from the preceding quarter, while lower 1 second remained the same. The average price of raise regulation service was the highest of all the services at $6/MW.
- 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 Q3 2024
- Gas market prices decreased from the previous quarter after stabilising from mid-August, influenced by fewer peak demand days over Q3.
- In July, strong gas flows south from Queensland provided increased supply to meet higher southern demand.
- High South West Pipeline flows supplying gas from underground storage in Victoria helped meet demand and offset lower Longford Production.
- From mid-August, demand and prices decreased following milder weather conditions, lower mainland GPG and increased hydro generation in Tasmania.
- The reduced demand levels and more stable output from Longford in August saw Iona storage levels replenished, leading to AEMO revoking a potential threat to system security notice on 23 August.
- Day ahead auction activity remained strong, hitting a record level of transportation capacity won for Q3.
- Trade at Wallumbilla hub reached a record level with more than 12.3 PJ of gas traded over the quarter.
- The higher Wallumbilla trade led to a record churn rate of over 26%, the strongest amount of trades for delivery in Q3 as a proportion of physical flows yet.