Australia’s wholesale power prices fall by almost half as carbon emissions drop

Victoria and NSW set records for the wholesale electricity prices at zero or negative levels

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Wholesale power prices across Australia’s main electricity market almost halved at the end of 2023 compared with a year earlier, stoking hopes households may soon see smaller bills.

Spot prices in the National Electricity Market (Nem) that serves the eastern and southern states fell to an average of $48 a megawatt-hour (MWh) in the December quarter, down 48% on the previous year, the Australian Energy Market Operator (Aemo) said in a report released on Thursday. Carbon emissions also dropped to record lows.

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