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AEMO: Energy prices continue to fall

AEMO’s Quarterly Energy Dynamics reports trends and outcomes in Australia’s electricity and gas markets.

The new Quarterly Energy Dynamics Q3 2020 report tracks records set for minimum demand levels in 3 states. It examines the impact of the Victorian COVID-19 restrictions on energy demand, and continued declines in wholesale electricity and gas market prices.

Prices in the National Electricity Market (NEM) have dropped to levels not seen since 2014, declining by up to 48% compared to the same time last year.

The Hon Angus Taylor MP, Minister for Energy and Emissions Reduction, said falling wholesale and retail energy prices highlighted the effects of government policy. ‘Cheaper energy supports Australian industry, creates jobs and puts more money in the pockets of hard-working Australians.’

‘Our Big Stick legislation is dealing with misconduct in the electricity sector and ensuring retailers put customers first by passing on reductions in wholesale prices,’ the Minister said.

Residential and small business customers can review the competitiveness of their energy plans using the government’s free price comparator website energymadeeasy.gov.au.

For more information, see the Minister’s media release.