21 May 2024: Queensland Energy Market Update

21 May 2024: Queensland Energy Market Update

As Partners of QHA, Trans Tasman Energy Group (TTEG) would like to provide you with an update on the Queensland energy market and to also remind you of the importance of timing your energy contract renewal. TTEG would also like to introduce their “Bill Guard” service which aims at minimising unnecessary expenses on your bill. These customisable services include bill validation, network tariff review, and access to a customer management analysis reporting portal.

Queensland energy market update

Recent spikes in energy futures prices, have been influenced by the decrease in wind and solar generation. While coal and gas peaking generators have historically driven pricing outcomes, there is a growing recognition that the state’s energy system increasingly relies on renewable generation to stabilise spot prices and ensure favourable consumer energy pricing. Rooftop solar, now the 4th largest energy source in Queensland, has contributed significantly to this shift.

In addition to the decline in renewable output, the National Electricity Market (NEM) has faced challenges with baseload availability, including three major unit outages in Yallourn (Vic) and ongoing issues with Callide (Qld) units C3 and C4. Interconnector constraints between South Australia and Victoria place further strain on the system.

The absence of renewable generation has led to a reliance on baseload coal and gas. Factors contributing to significant increases in fuel costs include inclement weather – leading to spikes in battery, coal, and gas generation costs. Furthermore, ongoing reductions in baseload generator availability in Queensland, coupled with interconnector constraints, have worsened the situation. The recent decline in grid-scale wind and solar output has further exacerbated volatility in spot price outcomes, highlighting the dependence on alternative fuel sources.


As market prices are increasing in Queensland, conditions suggest that energy prices may continue to increase in the near term, making it advantageous to consider locking in rates now to mitigate potential further cost increases. TTEG’s 25 year experience and strong industry ties allows them to secure the most competitive prices in the market, ensuring there are no hidden charges from retailers.

Queensland Energy Market Update - Tasman Energy Group

TTEG Bill Guard

Large power users face intricate monthly billing and vulnerability to potential costly errors. Businesses are often unaware multiple companies pass charges to their energy retailer, which are then reflected in their bills. Unfortunately, this process can lead to inaccurate charges. Bill Guard resolves these issues and helps reduce your energy costs by adopting smart energy-saving solutions.

Next Steps

If you need assistance of your contract is due to expire in 2024, 2025, or 2026, reach out to Steve Malcman at Trans Tasman Energy Group (Account Manager of QHA) on 0426 365 138 or email smalcman@tteg.com.au