South Australia has recorded the biggest price drops for wholesale electricity and gas in the nation, a new report by the Australian Energy Market Operator shows.
The falls indicate that the global gas price shocks are easing, and that renewable energy is driving down costs in South Australia.
The latest AEMO quarterly report published today shows the average wholesale electricity price for the first quarter of this year was $55 per megawatt hour in South Australia. That was $17 - or 24 per cent – lower than the average for Q1 in 2023.
Prices in Queensland ($118/MWh, up 13 per cent) were more than double the SA average, and SA was cheaper than NSW ($87/MWh, down 13 per cent) and Tasmania ($67/MWh, down 17 per cent).
https://www.premier.sa.gov.au/media-releases/news-archive/sa-records-nations-biggest-fall-in-power-prices
" South Australia led the field for price drops. Wholesale prices were down almost a quarter from a year earlier to $55 per megawatt hour. "
https://www.indaily.com.au/business/energy/2024/04/23/cheaper-renewable-energy-driving-electricity-costs-down
