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Wholesale power prices rose sharply across much of Australia in the June quarter after a cold snap lifted demand, according to the Australian Energy Regulator.
The regulator’s quarterly report, released on Wednesday, also warned the southern areas of Australia “remain susceptible to demand and supply shocks” for the rest of winter.
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It only takes a blink or two for the house of cards to come tumbling down.
"Victoria’s volume-weighted average price rose 99%, or $69 per megawatt-hour, in the June quarter compared with the previous three months. Tasmania’s rose 97%, or $67/MWh, and South Australia’s by 78% or $65/MWh.
New South Wales posted an 86% increase, or $87/MWh, with a “high price event” – caused partly by “profit maximising” from some big generators – contributing $55/MWh to that increase, the AER said. Queensland bucked the trend with wholesale prices dropping about one-fifth, or $29/MWh, thanks in part to milder weather.
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