Increased electricity demand in both Queensland and New South Wales during January 2017 has had a significant impact on electricity prices for this period.
Queensland maximum and average demand was 8 percent higher than January 2016, while New South Wales was 9 percent higher compared to the previous year.
Higher demand helped in setting record prices for both states. The Queensland spot price averaged $197.65/MWh for January 2017. The previous record for January was set in 2013 when the price was $155.90/MWh. New South Wales reached $82.69/MWh eclipsing the previous January record of $66.95/MWh set in 2001.
Higher spot prices are currently expected to continue for the foreseeable future with forward contracts for both regions currently trading above $80.00/MWh on the Australian Stock Exchange.
If you want to discuss your energy arrangements, get in touch with expert energy consultants by contacting us here or on 07 3232 1115.