This report aims to inform stakeholders, including policymakers, industry participants, and consumers, about the state of Australia's energy markets. It provides a comprehensive overview of Australia's electricity and gas markets, analysing market trends, consumer experiences, and regulatory developments. 

The report highlights significant changes in the energy landscape, including the rapid uptake of renewable energy, the increasing role of distributed energy resources, and the challenges of integrating these new technologies into the existing grid. The report also examines the impact of government interventions, such as price caps and energy security measures, on market outcomes and consumer affordability.

Key findings

• Wholesale electricity prices have declined from the previous year, largely due to subsiding high prices in winter 2022. However, prices remain high compared to historical levels in several regions.
• The transition to renewable energy is accelerating, with solar and wind generation accounting for 31% of total generation.
• Rooftop solar capacity continues to grow and is now the fuel source with the highest registered capacity across the National Electricity Market.
• Network investment remains high, as network service providers upgrade and expand infrastructure to accommodate the growth of renewable energy and distributed energy resources.
• Energy affordability remains a concern, as retail prices remain high despite some easing in wholesale costs.
• The number of retail energy brands is increasing, indicating competition in the market.