Energy Action Price Index

Energy Action Price Index

What happened to electricity prices last month?

 

In the Australian energy market, the forward price of electricity for medium to large users fluctuates from day-to-day. Energy Action’s Price Index (Business) (EAPI) provides clarity to the market encompassing pricing from energy retailers via the Australian Energy Exchange (AEX).

EAPI represents the average commodity price of retail electricity paid by Australian businesses based on a Standard Retail Contract (commences in 6-months and operates for 2½ years). EAPI is created from the lowest cost offers submitted by retailers via the AEX and reflects the cost of commodity electricity to commercial and industrial customers.

For more information about the Energy Action Price Index, read our Frequently Asked Questions (FAQs).

Energy Action has redefined the EAPI for South Australia. From 1st July 2018 onwards the Standard Retail Contract for South Australia will has been recalculated for 30 months duration commencing in 6 months’ time. This puts the calculation of the South Australian EAPI on the same basis as those for NSW, Victoria and Queensland which remain unchanged. For further information on this change please read our Frequently Asked Questions (FAQs).

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The Retail Market March to Early June 2019

  • Retail prices for Commercial & Industrial customers moved up in all states in March as Retailers began to consider the price prospects for the forthcoming Summer of 2022.

  • Since March prices have tracked in a reasonably stable range of +/-0.5c/kWh across all states.

  • Spot prices have been resilient across the NEM and have softened only modestly with lower system demand during the Autumn season.

  • The market continues to anticipate load curtailments in the southern states for Summer 2020 of a similar magnitude to those experienced this Summer.

  • Dam levels for Snowy Hydro remain at around 25%, around 5 percentage points lower than this time last year but with the gap to historical levels closing.

  • Large Scale Certificate prices have for the moment bottomed at around $35-40/Certificate and have been moving sideways at these levels since the start of the calendar year. The forward market sees further declines with certificates for 2023 delivery now trading in the low teens. Small Scale Certificate prices remain stable in the $35-38 range. 

  • Surprise win for the Coalition in May’s general election has had no impact on the market likely because the energy policies of both parties did not contain actions that would impact the market greatly in the next two to three years.