Australia’s wholesale electricity prices have decreased considerably after reaching record highs in 2022 due to disruptions from Russia’s invasion of Ukraine, local power station malfunctions and supply issues.
According to the latest Australian Energy Market Operator (AEMO) quarterly energy report, the average wholesale electricity in the National Energy Market (NEM), which covers all states and territories except Western Australia and the Northern Territory, fell from $216 (US$152) per megawatt hour in the 2022 September quarter to $93 per megawatt hour in the December quarter.
However, the current wholesale prices are still almost twice the amount recorded in the last quarter of 2021.
The reduction in wholesale electricity prices came off the back of a decline in gas prices in the east coast market….