- AEMO is continuing to see strong gas flows from Queensland that are bolstering supply to the south-eastern states, also helped by reduced demand.
- As such, the Gas Supply Guarantee mechanism was deactivated yesterday afternoon (2 June 2022).
- Administered price caps ($40 gigajoule) will remain in the Sydney and Brisbane short term trading markets until 7 June 2022 at this stage. (Required under the National Gas Rules following the gas retailer of last resort (RoLR) event involving Weston Energy on 24 May 2022).
- Victoria’s gas market (Victorian declared wholesale gas market) also remains capped at $40/GJ after reaching a cumulative high price threshold on 30 May. This will remain capped until the cumulative price falls and remains below the threshold for a day.
- On current availability forecasts, there is sufficient electricity supply to meet forecast demand in the National Electricity Market.
- AEMO continuously updates NEM forecasts as conditions change.
- We continue to work closely with market participants, industry and governments to manage the situation.
For more information: AEMO Media I M 0409 382 121 I E firstname.lastname@example.org