Price volatility in New South Wales and Queensland continued from November into the first half of December. This was driven by the same underlying factors of transmission outages, coal unit unavailability and temperature-driven high demand. Spot prices exceeded $1,000/MWh on 7 of the first 12 days in New South Wales and 6 days in Queensland.

The month could be described as one of two halves. A reprieve from hot weather, generation capacity coming back online, and the expected drop in demand going into the Christmas and New Year period led to a significant drop in spot prices. The average price in the second half of the month decreased by 55% in Queensland, 67% in New South Wales, 75% in Victoria, and 78% in South Australia.

The average price for the month in New South Wales ($134.73/MWh) and Queensland ($134.44/MWh) settled 2.5 times higher than the price in Victoria ($52.25/MWh). This highlights how spot prices between the southern and northern states diverge when the interconnectors between NSW and Victoria reach their limit.

Electricity price insights

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