Electricity spot prices rose in November, as lower levels of VRE generation was replaced by gas-powered generation, although the increase in GPG did not prevent gas spot prices from softening from around $12/GJ to $9/GJ. Highlights from energy market news feature significant updates for the market.
This part of our Monthly Report concentrates on spot prices in the wholesale electricity and gas markets. The Highlights section of the report draws out the key movements and events, while the second half of the report presents the charts and tables so you can delve into the data and have a play.
This section summarises the key spot market outcomes for the month.
1.1 Spot Market Insights
Average monthly wholesale electricity spot prices for November were higher for all regions compared to the previous month, but remain lower than the average price year-to-date for all regions except Tasmania. Average November spot prices by region were:
- QLD: $72.97/MWh
- NSW: $87.35/MWh
- VIC: $34.94/MWh
- SA: $44.92/MWh
- TAS: $59.97/MWh
Average gas hub prices for November remained around $12/GJ and were similar to the year-to-date averages for all gas hubs. Average hub prices for November were:
- BNE: $11.78/GJ
- SYD: $11.81/GJ
- VIC: $11.44/GJ
- ADL: $12.18/GJ