Due to the nature of energy market fluctuations, timing and informed decision-making regarding energy is crucial, as the wrong choices can create a huge impact on price disparities and your bottom line.
Australia's 2023-2024 energy outlook raises concerns about the reliability of electricity generators, as cautioned by AEMO. This is attributed to anticipated hot and dry conditions, along with heightened bushfire risk. For now, low demand and abundant renewable energy kept spot prices subdued, with October trading down compared to September's levels. Early this month, we witnessed a rapid increase in wholesale energy prices, primarily due to generator outages, highlighting the risk of generator reliability.
As the Summer season draws near, the potential for increased demand, particularly during evening peak hours, raises concerns once again. Despite the extended daylight hours, which boost solar energy generation, this still poses a significant challenge. Balancing this surge in demand will be crucial to ensuring a consistent and reliable energy supply throughout this period.
Forward Contract Trends: It is important to note that there is a significant level of risk linked to the potential occurrence of prolonged heatwaves. Extended periods of high temperatures can strain energy resources and may lead to increased demand, which could subsequently impact pricing in the energy market.
End of year contract renewal: If you have not contracted your 2024 consumption you may find yourself subject to retailers' excessively high default rates. Retailers are extremely busy at this time of the year and pricing requests may take 4 days in lieu of one. This will only worsen in December as they take leave. Your options to obtain the best price from the market can be significantly decreased as some retailers will only quote their existing clients.
How we can help?:
With a 25 year industry presence and close to a two decade long partnership with QHA, Trans Tasman Energy Group‘s (TTEG) strong ties and constant engagement with energy retailers across Australia enable TTEG to secure competitive market prices and to help members minimise energy costs through:
- an initial complimentary bill check,
- developing a pricing strategy to suit your business needs,
- extracting the best energy prices available from the market,
- making sure you do not pay too much for network (supply) charges,
- lower cost metering and/or
- introduce additional cost saving solutions (such as Electric Vehicle Charging Stations, Battery Storage, Voltage Optimisation, Demand Response, and Solar).
Critical: If your contract expires in 2023 then please contact us immediately as retailers will stop tendering soon.
Contact us
If you would like to know more on how we minimise your energy costs or if your contract expires in 2024, or 2025, contact Account Manager of QHA, Nick Ludbey, at TTEG on 0425 983 338 or email nludbey@tteg.com.au
