High Demand contributes to record prices in Northern States

02 Feb High Demand contributes to record prices in Northern States

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.