On 17 May 2021, the wholesale electricity price in New South Wales, Victoria and South Australia was around $6,000 per megawatt hour (MWh) for the 6pm trading interval. The Australian Energy Regulator (AER) will publish a report into these high prices by mid July 2021.
The AER monitors and reports on wholesale electricity markets and is required to report on events that result in wholesale electricity spot prices exceeding $5,000/MWh and average frequency control ancillary service (FCAS) prices above $5,000 per MW over consecutive trading intervals.
Most customers are not directly exposed to wholesale electricity prices, energy retailers are the main purchasers in the wholesale electricity market. Retailers bundle electricity with network services for sale to their residential, commercial and industrial customers. Generators and retailers can manage their exposure to price variations in the wholesale market by entering hedge contracts that lock in firm prices for the electricity they intend to produce or buy.
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