Australian wholesale energy prices in June quarter tripled from last year, market operator says

Aemo executive says need for renewables is urgent' as failing coal-fired power plants and global gas costs cause prices to surge

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Wholesale electricity and gas prices tripled in Australia's main grid in the June quarter compared with a year ago, as failing coal-fired power plants and soaring global gas costs combined to create unprecedented" market disruptions, the Australian Energy Market Operator said.

Aemo's quarterly market dynamics report found average spot prices for electricity in the national electricity market, which serves eastern Australia, averaged $264 per megawatt-hour across the quarter. That's more than double the previous high of $130 in the first quarter of 2019 amid droughts and heatwaves, and a little more than three times the average price in the June quarter of 2021, which was $85.