Wholesale electricity prices across the National Electricity Market (NEM) have dropped to their lowest levels in nine years.
Data from the Australian Energy Market Operator (AEMO) shows average quarterly wholesale electricity at levels not seen since 2012.
AEMO’s latest Quarterly Energy Dynamics report shows Victoria had the largest fall in prices from $79/MWh in Q1 2020 to $25/MWh in Q1 2021, a reduction of more than 68%.
In NSW, prices fell to $38/MWh, down from $86/MWh in the corresponding quarter in 2020. Queensland averaged $43/MWh.
The report showed quarterly electricity emissions in the NEM declined to 31.5 million tonnes carbon dioxide equivalent (MtCO2e). This is 9% lower than the same quarter in 2020.
The Hon Angus Taylor MP, Minister for Energy and Emissions Reduction, said ‘From the introduction of the Big Stick legislation to March this year, there have been 19 straight months of wholesale price reductions on the previous year.’
Consumers can ensure they are getting the best deal at the free price comparator website, energymadeeasy.gov.au.
See the Minister’s media release.