Energy prices continue to fall

Tuesday 31 October 2023

More good news for Australia’s beleaguered energy consumers. National Electricity Market (NEM) prices continue to defy the gas cartel in a new development that holds out hope that the worst is over.

Prices are at new quarterly moving average lows:

Despite a ludicrous $12Gj gas price, recalling that gas-fired power is often the marginal price-setter of wholesale electricity:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.