Type
Sector
Electricity
Segment
Wholesale
Issue date
AER reference
AC 81/21

On 3 June 2021, the wholesale electricity price in Queensland was $6,310 and $6,878 per megawatt hour (MWh) for the 6.30pm and 7pm trading intervals respectively.   

The average price for Queensland Raise 6 Second and Raise 60 Second Frequency Control Ancillary Services (FCAS) also exceeded $5,000/MW over multiple trading intervals during the afternoon and into the morning of 4 June 2021.

The Australian Energy Regulator (AER) will publish a report into these high prices by early August 2021. These reports are designed to examine market events and circumstances that contributed to wholesale market price outcomes and are not an indicator of potential compliance issues or enforcement action.

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 FCAS prices above $5,000/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.

You can subscribe to receive notifications of these reports; under Type select Performance report.