"The replacement of Hazelwood’s low-cost brown coal generation by higher cost black coal, gas, and hydro generation – coinciding with rising black coal and gas fuel prices during the period – was found to be the underlying driver of the wholesale price increases," Ms Conboy said.
Wholesale prices reacted more violently to the decision by French-owned Engie's snap decision to pull the plug on the 1600 megawatt-sized Hazelwood, rising to historic highs.
