The Australian Energy Regulator (AER) has released its annual "State of the Energy Market 2024" report, providing an in-depth analysis of Australia’s gas and electricity markets over the past year.
Wholesale Electricity Prices & Market Volatility
In 2024, wholesale electricity prices have stabilized from the peak levels seen in 2022, though volatility persists due to weather conditions and supply disruptions. Record low electricity demand was noted in New South Wales, Victoria, South Australia, and Tasmania, while Queensland experienced record high demand.
Growing Role of Consumer Investments
AER’s report highlighted the impact of residential solar, batteries, and electric vehicles, with rooftop solar in the National Electricity Market (NEM) surpassing 20GW—an increase of 2.9GW since last year.
Call for Efficiency & Innovation
AER Chair, Clare Savage, urged a focus on network efficiency, advocating for “regulatory sandboxing” to trial innovative solutions and greater consumer choice. She also emphasized the need to balance innovation with robust consumer protections as the sector advances.
Shifts in the Gas Market & Affordability Concerns
While gas remains essential for energy reliability, electrification of domestic gas use is gaining momentum. The report also noted that affordability remains a challenge, with the average energy debt per customer rising in 2023–24 despite government rebate assistance.
Looking Ahead
The AER will release additional detailed reports on various energy system components in the coming months, aiming to keep stakeholders informed about ongoing trends and improvements.
EServices4U: Helping You Navigate Energy Choices
As energy market dynamics shift, EServices4U offers comprehensive support, from energy consulting and efficient bill audits to renewable solutions. Explore our services at www.eservices4u.com.au to adapt and optimize your energy strategies.
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