NSW customers can now lock in power and LGC costs below any 2026 price level at record lows for 2027 and 2028. Forward prices in NSW and QLD have materially softened, while LGC prices have collapsed. Together, businesses have an unprecedented chance to secure energy costs at record-low levels.
The forward curves for New South Wales and Queensland have slid relentlessly since November, driving Cal-27 and Cal-28 base-swap prices to record or near record lows. Both vintages now trade beneath the cheapest Cal-26 prices ever seen in NSW, giving any customer yet to hedge 2027 and 2028 a chance to secure commodity power below 2026 levels. Adding to the upside, LGC forwards have fallen more than 70 % from the 2025 average that set Cal-26 prices.
