AEMO reports on Victoria’s record high electricity prices

The Australian Energy Market Operator’s latest report Quarterly Energy Dynamics — Q1 2019 shows that not only are Victorian electricity prices at record highs, but Victorians can expect to see their electricity bill rise even more over the coming winter months, says Shadow Minister for Energy Ryan Smith.

The report details that the average spot wholesale electricity price for the 1st quarter of 2019 was $166/MWh, a record high, and that Victoria also recorded its highest underlying energy price on record.

And there appears to be no reprieve from these high prices into the future with AEMO reporting :

“electricity swap contracts traded on the ASX rose between 12-23% over Q1 2019 and have risen by 49% in Victoria since July 2018.”

Mr Smith said Victorians, already suffering under cost of living pressures, are going to be forced to pay more to heat and light their homes due to Daniel Andrews’ complete mismanagement of our energy supply.

“In January Victorians were suffering through extreme heat and rolling electricity black-outs and now, in the cold, winter months, electricity prices are going through the roof.

“Everyone recognises that renewable energy will play a large and important role in our energy future, but the responsibility to ensure that this transition to renewable energy is reliable and affordable falls on the Andrews Labor Government.

“Since Daniel Andrews has been in power Victoria’s electricity prices have increased each and every year, placing even more pressure on already tight family budgets.

“Daniel Andrews is once again putting politics over people and once again it is households and businesses that are forced to pay the price.”

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