The Australian Energy Market (AER) regulator is barreling towards its default market pricing announcement in a month or so. Today it has raised hopes that the new benchmark will constitute a cut in price:
The Australian Energy Regulator’s (AER) latest Wholesale Markets Quarterly Report reveals that average annual wholesale electricity prices in the National Electricity Market (NEM) fell by between 44% and 64% and average annual east coast gas market spot prices fell by 43% in 2023.
This was attributed to milder weather conditions, lower fuel costs, fewer coal supply issues and an increase in cheap wind and solar supply.