Gas pricing across the National Electricity Market (NEM) remained broadly stable during Q4 2025. However, due to the strong interdependence between gas and electricity markets, ongoing electricity market volatility is expected to shape gas market dynamics quickly.
Gas prices are stable for now, but volatility is expected. Test the market today to stay ahead of rising costs.
Queensland
Strong domestic gas production in the Bowen and Surat basins ensured reliable supply and helped maintain stable prices. Lower seasonal demand also contributed to moderate price conditions. Additionally, government incentives supporting exploration are helping to maintain future supply security.
New South Wales
NSW benefited from stable pipeline imports from Queensland, maintaining consistent supply throughout the quarter. Gas demand remained steady, primarily driven by power generation and industrial use. There were no major disruptions or export constraints reported, supporting a stable pricing environment.
Victoria
Victoria faced tighter gas supply due to declining output from the Gippsland Basin. This coincided with increased demand from both heating and gas-fired power generation. Higher transport costs from northern states added further pressure on wholesale gas prices, leading to a tighter market overall.
South Australia
With limited local gas production, SA relied on imports from Victoria and other interstate pipelines. Demand surged during periods of low renewable generation, increasing competition for gas. Export commitments from eastern fields also reduced the amount of gas available for domestic use, contributing to pricing pressure.
Tasmania
Tasmania saw negligible gas market activity, continuing its reliance on hydroelectric generation. As such, the state was largely unaffected by gas supply dynamics on the east coast, resulting in limited pricing impact.
