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AER Unveils 2024 Energy Market Review

Nov 11

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The Australian Energy Regulator (AER) has released its annual "State of the Energy Market 2024" report, providing an in-depth analysis of Australia’s gas and electricity markets over the past year.

AER Unveils 2024 Energy Market Review
Wholesale Electricity Prices & Market Volatility

In 2024, wholesale electricity prices have stabilized from the peak levels seen in 2022, though volatility persists due to weather conditions and supply disruptions. Record low electricity demand was noted in New South Wales, Victoria, South Australia, and Tasmania, while Queensland experienced record high demand.


Growing Role of Consumer Investments

AER’s report highlighted the impact of residential solar, batteries, and electric vehicles, with rooftop solar in the National Electricity Market (NEM) surpassing 20GW—an increase of 2.9GW since last year.


Call for Efficiency & Innovation

AER Chair, Clare Savage, urged a focus on network efficiency, advocating for “regulatory sandboxing” to trial innovative solutions and greater consumer choice. She also emphasized the need to balance innovation with robust consumer protections as the sector advances.


Shifts in the Gas Market & Affordability Concerns

While gas remains essential for energy reliability, electrification of domestic gas use is gaining momentum. The report also noted that affordability remains a challenge, with the average energy debt per customer rising in 2023–24 despite government rebate assistance.


Looking Ahead

The AER will release additional detailed reports on various energy system components in the comi