Australian wholesale power costs soaring despite Morrison government’s budget claims

The Liddell power station in Muswellbrook, NSW shut one of its four units on 1 April. Prices for most of the national electricity market are running at double that promoted in the federal budget. Photograph: Dan Himbrechts/AAP

Australia’s wholesale power costs are soaring, with prices for most of the national electricity market running at double the rate promoted by the Morrison government in last month’s budget.

April prices are forecast at $175 per megawatt-hour in Queensland, the most among the major east coast states, ASX futures data shows. New South Wales isn’t far behind at $173/MWh, while South Australia at $150 and Victoria just above $100.