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Electricity Rates in Review – February 2017

Since our last wholesale rate update in December 16, electricity rates across NSW, QLD and VIC have increased significantly. Increases in South Australia were relatively subdued. These wholesale price trends have been reflected with substantial increases in retail peak and off-peak rates for large market electricity customers.

Futures Price Movement since:Current Month to Date2 Months to Date3 Months to Date6 Months to Date12 Months to Date24 Months to Date
1-Mar-20171-Feb-20171-Jan-20171-Oct-20161-Apr-20161-Apr-2015
NSW – AverageDown 0.88%Up 23.90%Up 40.27%Up 57.10%Up 128.20%Up 179.84%
QLD – AverageDown 0.22%Up 14.22%Up 33.96%Up 45.99%Up 89.12%Up 142.13%
SA – AverageUp 0.07%Up 2.32%Up 3.11%Up 8.08%Up 36.58%Up 119.67%
VIC – AverageUp 0.28%Up 22.56%Up 37.49%Up 53.21%Up 142.17%Up 216.84%

Source: www.asxenergy.com.au

State By State 

New South Wales  (Increase)

Futures Price Movement since:Current Month to Date2 Months to Date3 Months to Date6 Months to Date12 Months to Date24 Months to Date
1-Mar-20171-Feb-20171-Jan-20171-Oct-20161-Apr-20161-Apr-2015
NSW – AverageDown 0.88%Up 23.90%Up 40.27%Up 57.10%Up 128.20%Up 179.84%

Wholesale futures prices in NSW trended up significantly in January and February with an average total increase of 40%.  This is reflected in the rates that are currently being offered by retailers to large market electricity customers in NSW:

Rates in NSW

(Feb 17)

Current retailer offers (range):
LowHigh
Peak$0.12 / kWh$0.15 / kWh
Shoulder$0.12 / kWh$0.15 / kWh
Off-Peak$0.06 / kWh$0.09 / kWh

Queensland (Increase)

Futures Price Movement since:Current Month to Date2 Months to Date3 Months to Date6 Months to Date12 Months to Date24 Months to Date
1-Mar-20171-Feb-20171-Jan-20171-Oct-20161-Apr-20161-Apr-2015
QLD – AverageDown 0.22%Up 14.22%Up 33.96%Up 45.99%Up 89.12%Up 142.13%

Wholesale futures prices in QLD increased by close 34% during January and February 17. This is reflected in the rates that are currently being offered by retailers to large market electricity customers in QLD:

Rates in QLD

(Feb 17)

Current retailer offers (range):
LowHigh
Peak$0.11 / kWh$0.15 / kWh
Off-Peak$0.07 / kWh$0.11  / kWh

South Australian (Increase)

Futures Price Movement since:Current Month to Date2 Months to Date3 Months to Date6 Months to Date12 Months to Date24 Months to Date
1-Mar-20171-Feb-20171-Jan-20171-Oct-20161-Apr-20161-Apr-2015
SA – AverageUp 0.07%Up 2.32%Up 3.11%Up 8.08%Up 36.58%Up 119.67%

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Whilst South Australia remains the most expensive, the market experienced the lowest price increases of around 3% over January and February. This translates into retail rates as follows:

Rates in SA

(Feb 17)

Current retailer offers (range):
LowHigh
Peak$0.16 / kWh$0.19 / kWh
Off-Peak$0.08 / kWh$0.10  / kWh

Victoria (Increase)

Futures Price Movement since:Current Month to Date2 Months to Date3 Months to Date6 Months to Date12 Months to Date24 Months to Date
1-Mar-20171-Feb-20171-Jan-20171-Oct-20161-Apr-20161-Apr-2015
Victoria – AverageUp 0.28%Up 22.56%Up 37.49%Up 53.21%Up 142.17%Up 216.84%

Victoria continued to experience the most volatility of the NEM in January and February. Wholesale futures increased by an average of 37.50% This is reflected in the rates that are currently being offered by retailers to large market electricity customers in Victoria:

Rates in VIC

(Feb 17)

Current retailer offers (range):
LowHigh
Peak$0.10 / kWh$0.16 / kWh
Off-Peak$0.06 / kWh$0.08  / kWh

Futures market volatility is driven by the level of uncertainty about future electricity spot prices. Uncertainty is prevalent in the current market and that’s why futures rates have risen so dramatically.

Follow all the monthly developments in the energy market

At Leading Edge Energy, we keep a close watch on energy futures prices so that we can help businesses make sound decisions on their energy contracts and continuously deliver our top-tier energy broker and management consulting services.

 Read our latest energy market reviews here. And, if you want to make savings on your business’ electricity or gas bills, contact our Energy Experts through phone at  1300-852-770 or e-mail us at hello@leadingedgeenergy.com.au and we can get you started.

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