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Q3 Wholesale Power Prices Soar, Worry To Government And RBA

AUSTRALIA

The Australian Energy Regulator has reported that wholesale gas prices doubled in Q3 compared to a year ago along Australia’s east coast and wholesale electricity prices were their second highest on record and that they’re forecast to remain in place until 2024, according to The Australian.

  • Futures markets are pointing to further rises in 2023.
  • The Commonwealth Government forecast a 56% increase in power prices over two years in its October budget and these latest increases in wholesale prices are likely to add to pressure on the government to provide relief. The RBA is also monitoring the impact of rising electricity prices on inflation.
    - The Australian
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