The Australian Energy Regulator (AER) monitors and reports on events and causes that result in wholesale electricity spot prices in the market exceeding $5000 per megawatt hour (MWh).
The wholesale electricity spot price in Queensland exceeded $5000/MWh on two occasions on Thursday 2 February, reaching $6456/MWh at 5 pm and $13 400/MWh at 5.30 pm.
The AER’s role in monitoring wholesale energy markets and reporting on high price events helps to enhance market transparency and compliance. Our analysis also provides a foundation to detect non-compliance, market irregularities, inefficiencies and consumer harm. We draw on this work to advise the COAG Energy Council, other stakeholders and market bodies on wholesale market issues.
We expect to publish the report within 40 business days, by 3 April 2017 on the AER’s website.
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In addition to reporting on these high price events, the AER will shortly be publishing reports on the following previous high price events:
| Event | Event date | Region | Expected publication date |
|---|---|---|---|
| FCAS | 18 October 2016 | SA | March 2017 |
| 9 November 2016 | SA | March 2017 | |
| 25 November 2016 | SA | March 2017 | |
| Energy | 13 January 2017 | QLD | 14 March 2017 |
| 14 January 207 | QLD | 14 March 2017 |