Large Market Energy Update November 2025

November 23rd, 2025Written by James Hardgrove

Queensland

Queensland continues to experience high volatility in wholesale electricity prices, with large peaks driven by summer peak-demand conditions. While average prices have shown some moderation, the risk of extreme price spikes remains elevated due to supply constraints and high demand. Peak-demand events, particularly during hot summer periods, are a key factor contributing to the upside risk in the market.

If your energy contract expires within the next 18 months, now’s a good time to consider your options while pricing remains stable.

New South Wales

Wholesale electricity prices in NSW have eased slightly but remain elevated, with ongoing concerns around generation reliability through the summer months. Prices are expected to stay at higher levels rather than drop significantly due to supply risks associated with ageing coal and gas plant outages. These outages continue to pose reliability challenges and increase the potential for sudden price spikes.

Prices are competitive. Don’t miss the opportunity to secure a favourable deal.

Victoria

Victoria has seen more moderate wholesale prices, supported by strong renewable generation, though occasional price spikes are still possible. The state faces a gradual transition away from coal and gas, balancing the need for reliability while integrating more renewables. Overall, the outlook is more stable than in other states, with gradual changes expected rather than dramatic price swings.

If your energy contract expires within the next 18 months, now’s a good time to consider your options while pricing remains stable.

South Australia

South Australia remains the most volatile region, with frequent periods of very low prices offset by large, weather-driven price spikes. Network constraints and the high penetration of renewables make the system more susceptible to sudden price swings. While average price levels may not fall significantly, high volatility is expected to continue, keeping the risk of upside price spikes elevated.

Stay ahead of market movements with our expert monitoring and alerts to manage your energy costs effectively.

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