Wholesale electricity prices doubled in Australia's eastern seaboard due to cold weather, wind power drought, and increased gas-fired generation.

Wholesale electricity prices rose across Australia's eastern seabord, excluding Queensland, as a result of cold weather and a wind power drought, leading to increased demand for gas-fired generators. The Australian Energy Regulator reported a 70% surge in gas-fuelled power generation in the June quarter, with wholesale electricity prices almost doubling. The increases risk flowing through to consumer bills when regulators reset each state's yearly default price caps in May.

July 23, 2024
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