In August, the Australian Energy Regulator (AER) announced that wholesale electricity prices were at their lowest point in years.
Flash forward to November and the latest AER Wholesale Markets Quarterly Report shows that this is still the case across the nation.
The report found that not only have wholesale energy prices continued to fall but the average prices were below $55 per MWh in all regions.
To put that into perspective, the report found that the average price in Queensland was $34 per MWh and $54 per MWh in Victoria. In August, those prices were $56 and $84, respectively.
“COVID-19 continues to impact households and businesses, so any reduction in energy prices across eastern Australia is welcome relief for many Australians,” said Energy Minister, Angus Taylor.
“Cheaper energy brings benefits across the Australian economy, which is why the Government will continue to take strong action to bring down the cost of energy for all Australians.”
Record low demand in South Australia and Victoria
Despite the fact that many Aussies may be still working from home, AER data shows that
South Australia and Victoria were among the regions who experienced a record low drop in daytime electricity demand.
According to the regulator, this decrease could be due to milder weather conditions during September and a good rooftop solar generation environment.
Low daytime demand conditions also meant that wind and solar generation continued to rise.
Aussies urged to switch and save before summer hits
As the country gets its first taste of the summer heat, it won’t be long until Aussies keep cool indoors and lounge around the pool.
To prevent a jaw dropping energy bill, recent Mozo research found that some households have the potential to save more than $300 a year on their energy bill, just by making the switch to the cheapest offer on the market.
Depending on the distribution zone, NSW households alone could save $311 a year.
So if you’d like to find out how much you could be saving, head on over to our energy comparison tool.