Wholesale electricity and gas prices across the National Electricity Market (NEM) continue to remain at their lowest levels in years, according to data from the Australian Energy Market Operator (AEMO).
Minister for Energy and Emissions reduction, Angus Taylor said data from AEMO’s Quarterly Energy Dynamics report showed wholesale electricity prices across the NEM averaged just over $44 per megawatt hour in the December quarter.
“That is more than 38 per cent lower than the same quarter in 2019, over 50 per cent lower than in 2018, and the lowest December quarter wholesale price since 2014,” Mr Taylor said.
“Wholesale gas prices continued to remain low in all regions, ranging between $5.52 and $6.28 per petajoule,” he said.
“This is the lowest December-quarter price in all regions in the five years since December 2015, and up to 43 per cent lower than two years ago, depending on the region.”
Mr Taylor said new Consumer Price Index data released by the Australian Bureau of Statistics (ABS) also showed that retail electricity and gas prices were falling.
The Minister said household electricity prices across Australia fell by 9.2 per cent in the December quarter of 2020 compared to the same period in 2019.
“This represents the eighth consecutive quarter of year-on-year retail electricity price falls across Australia since December 2018,” he said.
“Prices dropped in most capital cities compared to the same time last year, falling 2.9 per cent in Sydney, 8.5 per cent in Brisbane, 6.5 per cent in Adelaide, 1.6 per cent in Hobart, 2.6 per cent in Canberra,” Mr Taylor said.
AEMO’s 45-page Quarterly Energy Dynamics Report can be accessed at this PS News link.
