Author: Stanwell Energy

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Market Update – July 2022

Watch the full update here 

It was another eventful month in the energy market, with elevated coal and gas prices and concerns about gas availability over the next 12 months continuing to drive high prices.

Spot Market

June was an unprecedented month in the spot market, with the implementation of the Administered Price Cap and the temporary suspension of the market in all regions of the NEM.

In July, the market operated under the normal rules, but prices remained elevated, although Queensland (down $9.65 to $185.15) and New South Wales (down $9.70 to $192.25) finished lower than last month. Unit outages continued throughout the month, and coal and gas prices remain much higher than the long-term average.

In Queensland, overcast and rainy conditions also limited solar generation and contributed to higher prices in the middle of the day, with occasional price spikes up to the market cap of $15,500 per megawatt hour.

In Victoria, rising prices (up $43.86 to $340.34) were driven by lower wind output, as well as gas constraints. Record low gas storage levels at IONA led AEMO to issue an official system security threat, which will remain in place until the end of September.

AEMO also triggered the gas supply guarantee mechanism to secure additional gas supplies from Queensland LNG producers.

The regulator also ordered two gas-fired power plants in Victoria to shut down until October 1, in order to keep the gas supply operating safely and securely at the correct pressure for customers.

Contract Market

In the contract market, we’ve seen Cal 23 prices for Queensland (down $9.65 to $185.15) and New South Wales (down $9.70 to $192.25) stabilise, after their rally in May and early June. That’s because much of the price risk for Cal 23 is now assumed to be priced in by the market.

Victorian prices are on an upward trend, however (up $5.49 to $128.09), as concerns increase about gas availability over the next 12 months. The state’s gas storage levels are low and pipeline capacity is tight, which means gas prices are expected to remain elevated.

There are also concerns about the reliability of Victoria’s traditional generation assets, which are the only stations in Australia to be fuelled by brown coal.

Looking ahead to Cal 25, there was little movement in Queensland (down 50 cents to $84) and New South Wales (up 20 cents to $126.50).

But in Victoria, those same concerns about gas prices and the reliability of brown coal plants led the Cal 25 price to rise (up $6.25 to $79).

It returned to levels observed earlier in June, before a lack of trading volume led the price to drop off at the end of that month.

Environmental Market

In the environmental market, there was little movement in the prices of Large-Scale Generation Certificates (LGCs) (up $1.80 to $51) and Small-Scale Technology Certificates (STCs) (up 5 cents to $40).

The price of Australian Carbon Credit Units (ACCUs) initially rose, due to market expectations that the change in Federal Government would lead to more support for the carbon market.

But there was less buying demand for these ACCUs as the month went on, leading prices to fall (down $7.10 to $28).

There are signs of recovery for the ACCU market, however. The Federal Government has locked in an emissions reduction target of 43 per cent by 2030, and it’s expected that the ACCU scheme will be used to help attain that target.

And that’s it for July… wishing you all the best for August from the team at Stanwell Energy!

Market Update – June 2022

Watch the full update here

It was an unprecedented month in the energy market, as the Australian Energy Market Operator made the decision to suspend the spot market in all regions of the NEM for the first time.

Spot market

Instead of the price of wholesale electricity being set competitively, AEMO set fixed prices for the length of the suspension, and took a greater role in directing which power stations to generate energy and when.

AEMO said it took this step because it had become impossible to continue operating the spot market while ensuring a secure and reliable supply of electricity for consumers, in accordance with the National Electricity Rules.

The suspension came as the result of a perfect storm in the energy market that included a meteoric rise in international coal and gas prices; a number of unplanned generator outages, as well as some units being out of action for planned maintenance; heavy rains slowing coal mine output; sustained periods of low wind and solar output that limited renewable generation; and a fierce June cold snap that increased demand.

These conditions resulted in very high wholesale electricity prices,  which triggered an automatic price cap that limited wholesale spot prices to $300 per megawatt hour (MWh).

That’s much less than the usual market price cap of $15,100/MWh – so much less that it didn’t cover the cost of producing power for some generators, particularly gas generators, causing them to withdraw their availability from the market, and leading to further shortfalls.

On June 14, to ensure there would be enough supply to meet demand, AEMO directed five gigawatts of generation through direct interventions – that’s about 20 per cent of demand. The next day, the market operator decided it had become impossible to continue operating the spot market this way, and ordered the suspension of the market to begin.

The suspension meant that generators would inform the market operator of their availability, and the market operator would tell them when to run.

A pre-determined suspension pricing schedule was applied to each region in the NEM, ranging from $150/MWh to $300/MWh across the day.

If the cost of generating electricity was higher than that pre-determined price, generators could apply for additional compensation to make up the shortfall.

The market suspension was lifted at 2pm on June 24, as the market operator was satisfied that conditions had stabilised, and it could resume operating the market under the normal rules.

Prices finished the month higher across Queensland, New South Wales and Victoria. It’s expected that the electricity market will remain volatile in the months ahead, with coal and gas prices remaining four to five times higher than the long-term average in Australia.

Contract market

The contract market was quiet during the suspension, as most participants were trying to make sense of the events in the spot market.

Before the suspension, fears that generators in New South Wales would have to source coal from the highly inflated spot market were driving an increase in Cal 23 prices for the state. New South Wales plants have since been successful in procuring additional coal, which has seen prices drift back down.

On the other hand, the Cal 23 price in Victoria initially decreased as generators returned from outages. But prices increased throughout the month due to unplanned maintenance for two units at Yallourn Power Station, leading to fears that Victorian generators would continue to be unreliable.

Looking ahead to Cal 25, we’ve seen a spike in the forward price in New South Wales, as the recent outages and instances of reduced generation throughout the state appear to have reignited market apprehension about the large gap that could be left by the closure of Eraring in 2025.

Environmental market

It’s been a quiet month by comparison in the Environmental Market, but we have seen prices for Large-Scale Generation Certificates (LGCs) increase. This is due to the market’s expectation that supply chain constraints will make new renewable projects more difficult and more expensive to build moving forward.

And that’s it for our June market wrap-up. Wishing you all the best for July from the team at Stanwell Energy!

Market Update – May 2022

Watch the full update here

The unprecedented rise in prices that we’ve seen over recent months has continued, with another busy month for the market in May.

Spot Market

In the spot market, we saw extremely high prices in Queensland (up $100.72 to $320.48), New South Wales (up $160.42 to $347.28) and Victoria (up $92.13 to $233.64).

There’s a perfect storm of factors that are contributing to the run-up in prices. On top of an unusual number of unplanned unit outages across the National Electricity Market, the market continues to absorb the global impact of rising coal and gas prices in the wake of Russia’s invasion of Ukraine.

The La Niña weather pattern continues to make its presence felt, with extreme weather in Queensland and New South Wales limiting solar generation, affecting coal supplies and driving up demand for electricity.

The Australian Energy Regulator’s latest Wholesale Markets Quarterly report projects that higher prices will continue throughout the year. But there is some reason to expect prices to fall, with generators returning from maintenance, and the recently completed upgrades to the Queensland to New South Wales Interconnector expected to boost interstate transmission capacity.

Stanwell’s assets have continued to operate at a high level throughout this period, with approximately 97 per cent availability throughout 2022.

The reliability of these assets has helped us to apply downward pressure on prices at times when other units have been unavailable.

Contract Market

In the contract market, the same confluence of market forces that we’ve seen in the spot market is driving the forward curve to unprecedented highs, with prices rising in Queensland (up $80.70 to $201.70), New South Wales (up $67.40 to $196.35) and Victoria (up $50.95 to $127.55).

While prices have risen sharply across all regions, there continues to be a divide between north and south.

According to the Australian Energy Market Operator, inadequate connection capacity between Victoria and New South Wales is limiting the ability of generators in Victoria and South Australia to sell to northern markets, which is contributing to higher prices in Queensland and New South Wales.

Looking ahead to Cal25, Queensland (up $22.30 to $97.05) and Victoria (up $17.10 to $77.65) are now catching up to New South Wales (up $1 to $105.05), where prices had already risen after the early closure announcement for the Eraring Power Station in February and a massive rally in March.

The early closure of plants like Eraring in New South Wales is contributing to increased price expectations in the contract market, but Stanwell will continue to provide certainty by keeping our generation assets operating for as long as the market and our customers require us to do so.

While we will increase our portfolio of renewable energy, these new assets will be supported by our existing dispatchable generation.

Environmental Market

It was a quiet month in the markets for Large-Scale Generation Certificates, or LGCs (down 75 cents to $47.75), and Small-Scale Technology Certificates, or STCs (steady at $40), with little volatility

However the Australian Carbon Credit Units (ACCUs) jumped higher, up $5.50 to $35.50.

While there were no changes to the underlying fundamentals of the ACCU market, the perceived long-term support for the carbon market from Labor and the Greens led to renewed buying interest for these units in the wake of the Federal Election.

And that’s it for our May market wrap-up. Wishing you all the best for June from the team at Stanwell Energy!

Market update – April 2022

Market Update – April 2022

Watch the full update here

The price of coal continued to rise throughout April, as the global energy crunch sparked by Russia’s invasion of Ukraine continues to be felt. 

Spot market

Rising coal prices, combined with a large volume of unit outages throughout the month, led to extremely high spot market prices in Queensland (up $72.56 to $219.76), New South Wales (up $86.18 to $186.86) and Victoria (up $86.73 to $141.51). 

Contract market

The high cost of coal and the large volume of unit outages has also been felt in the contract market, with prices continuing to rise in Queensland (up $13.15 to $121) and Victoria (up $15.80 to $76.60) for Cal 23.

The same price trends have followed through to Cal 25 contracts, where prices for Queensland and New South Wales contracts remain high. The New South Wales contracts have dropped off somewhat after their massive rally in March (down $15.95 to $104.05), but still remain significantly higher than the $91 they were trading at in February. 

However, little volume is trading in the Cal 25 contracts, meaning that price discovery is still occurring.

Environmental market

In the environmental market, it was a quiet month for Large-Scale Generation Certificates (LGCs), with little volatility.

Small-scale technology certificates (STCs) continued to trade very close to the penalty rate. Many buyers chose to use the STC Clearing House – where STCs sell at a fixed price of $40 – to finalise their liabilities for the first quarter of the year, resulting in a deficit of 2.6 million STCs by the end of the month.

Meanwhile, the price of Australian Carbon Credit Units, or (ACCUs), has stabilised at around $30, after the changes to the Emissions Reduction  Fund that led to a sudden increase in supply and a sharp drop in price in March.

And that’s it for our April market wrap up… wishing you all the best for May from the team at Stanwell Energy!

Market update – March 2022

By Nicola Miller – Account Manager

Watch the full update here

Rising fuel costs continued to put pressure on the energy market in March 2022.

In the spot market, large unit outages at Bayswater and Mount Piper led to a significant rise in price to $100.68 (up $17.65) in New South Wales. 

Minor upgrade works on the Queensland-to-New South Wales Interconnector also impacted the ability of Queensland generators to export energy to New South Wales, which contributed to the price rise.  

In Queensland, the price volatility we saw in February has subsided, but prices remain relatively high at $147.20 (down $15.52), with the continued outage at Swanbank still having an impact.

As for Victoria, there was little movement in the market this month, with a flat price of $54.78 (up $0.61).

Contract market

In the contract market, the cost of fuel continues to be the story. The war in Ukraine is impacting prices globally, as sanctions on Russian exports play havoc with energy markets. The effect of rising fuel prices is particularly pronounced in New South Wales, because of the higher proportion of generators exposed to spot coal prices in that state.  

This pressure on fuel costs has been consistent even into the Cal 25 contracts.

Looking ahead, April is typically a softer month in the spot market. But with more outages planned across Queensland and New South Wales than there typically would be at this time of year, we may continue to see elevated spot and contract prices. 

The other big energy news of the month was AGL being given the green light for its 500 MW battery at Liddell Power Station. But with the impending retirement of the station in April 2023, and the significant loss in generation that will come with that, as well as the news that the battery will only provide 150 MW of power initially, this announcement is having very little impact on the contract market at this stage.  

Environmental market 

In the environmental market, the big story is the significant drop in price of Australian Carbon Credit Units, (ACCUs) which closed at $30.50 (down $19.75).

This is primarily due to the Federal Government’s recent changes to the Emissions Reduction Fund, which is expected to lead to an increase in the supply of these units.

Some commentators have also raised concerns about the credibility of certain ACCU methods. 

And that’s it for our March market wrap up… wishing you all the best for April from the team at Stanwell Energy.

Meet our General Manager of Stanwell Energy – Jennifer Tarr

Taking an elective subject in Wholesale Electricity Markets at the University of New South Wales was all it took for Jennifer Tarr to find her calling in the Energy sector.

Jennifer said electrical engineering was something of a common interest in her family growing up with a number of her family members working as electrical engineers. 

“Actually my Dad advised me against becoming an electrical engineer – but I decided to do it anyway. But discovering the wholesale electricity markets that was the game changer for me—this is where I wanted to focus my career,” she said.

“Within a couple of years out of university I was working right where I wanted to be, working in the wholesale market.”

Jennifer has been working with Stanwell for 14 years, initially as a Forward Trader then moving into the Regulatory team and now, she leads a diverse group of equally passionate people in the Retail team.

While some might think working with the one organisation for 14 years is unusual these days, Jennifer says Stanwell’s commitment to customer centricity, its values and the progress and development in renewable energy products keep her motivated and inspired.

“Stanwell is a leader in the retail market when it comes to meeting customer’s unique requirements.  Customers come to us with great ideas, especially with respect to renewables.  I’m really proud to be part of that evolution in customer products.

“The opportunities that I have had working at Stanwell have been incredible.  Stanwell is constantly innovating to meet customer expectation and demand.  An area of particular interest is the work the team is doing in renewable energy.

“Our large pipeline of wind, solar and battery projects are just what customers are wanting. The energy transition is so exciting, it’s a great time to be working at Stanwell.” she said 

Adopting a sustainable approach is not just reserved for Jennifer’s work life.  Jennifer says she tries to  incorporate sustainability into her family’s routines as well.

“I take the opportunity to use alternative modes of transport at home, encouraging my family to cycle or walk rather than jumping in the car. 

“I have three children aged from 1 to 11 and they love the outdoors.  This summer we did several overnight hikes, across Southeast Queensland.  It gives the children a great appreciation for the outdoors and the opportunity to connect with nature. It’s also good for them to have a challenge!” she laughed.

How to read your Stanwell Energy bill

At Stanwell Energy, we pride ourselves on delivering an outstanding level of ongoing support to industrial and commercial customers all along the eastern seaboard of Australia – and that includes making sure they understand their energy bill.

Our service is flexible, reliable and transparent – and so are our bills. Here, we’ve broken down a typical Stanwell Energy bill to show you exactly what you’re paying for.

1.   Contact Details

Need to get in touch with us? You’ll find your Account Manager’s name and contact details here, as well as your supplier’s number to call in case of any urgent electricity supply issues.

2.   Current Invoice Summary

A summary of the key details about this invoice at a glance.

This includes your National Metering Identifier (NMI), which is a unique number used to identify the electricity connection point at your premises. No two NMIs are the same, so this is a good number to quote if you have any questions about your electricity supply or your bill.

The summary also includes your invoice period, which is the date range and the number of days that it covers, and your supply address, which is the registered site address connected to the NMI.

It also includes a summary of the charges that make up the bill – see sections 8-12 below for more detail on those charges.

3.   Your Bill Summary

Your bill will include a purchase order number (a unique number given to a specific transaction), if you’ve requested one. It will also contain your unique account number, and an invoice number.

The information on your bill is correct as of the invoice date. The due date is, of course, the date by which you need to pay the amount due – make sure you pay the correct amount by this date to avoid being charged interest.

4.   Daily Electricity Usage Summary

This is a graphical representation of your electricity consumption in kilowatt hours (kWh), so you can easily see how much your business is using on a day-to-day basis. By comparing this summary with previous bills, you can see how this usage compares to the same period in previous years, and track the impact of new equipment you’ve installed and new business practices you’ve implemented.

5.   Monthly Consumption

This is a graphical representation of how your energy usage has changed month-to-month, which can help you to see the impact of seasonal spikes on electricity usage. Again, by comparing it with previous bills, you can see how your average monthly consumption has changed from year to year.

This section also includes your Total Greenhouse Emissions for this billing period, and represents your average monthly emissions as a line on the graph.

6.   Payment Methods

This section provides the details you need to pay via Electronic Funds Transfer or BPAY. You can also contact your bank or financial institution to arrange an alternative payment method.

7.   Previous Amounts

This shows you if there is any outstanding balance carried over from the previous invoice, which will be added to the total amount due.

8.   Energy Charges

How you’re charged for the consumption of electricity will depend on whether you’re on a flat rate or a time-of-use rate, and the different time-of-use periods specified in your contract.

If you’re on a flat rate, you’ll pay a fixed price for electricity, no matter what time of day you use it. But if you’re on a time-of-use rate, the price you pay for electricity will depend on when you use it.

This is the section of your bill that offers the most potential for cost savings, if you’re able to modify your business practices so that most of your energy use occurs in the ‘off-peak’ periods.

Your energy charges will be impacted by loss factors, which compensate for the energy lost as electricity flows through transmission and distribution networks. Approximately 10 per cent of the electricity that leaves Australian power stations is lost before it makes it to the end user. Loss factors are calculated by the Australian Energy Market Operator (AEMO) and adjusted annually.

9.    Environmental Charges

Your energy bill also contains environmental charges related to State and Federal Government green schemes, which require retailers to acquire certificates to support renewable energy generation. For instance, these can include large-scale generation certificates (LGCs), small-scale technology certificates (STCs), NSW energy saving certificates (ESCs) and Victorian energy efficiency certificates (VEECs).

These charges are calculated using a standard regulated scheme percentage and a customer-agreed price, which can be found in your contract with us.

10.    Market Charges

These are pass-through charges paid to AEMO. They reflect the cost of managing the National Electricity Market (NEM) and ensuring its safety, security and reliability.

11.     Metering and Other Charges

These are pass-through charges for the provision of metering services to monitor your electricity usage. These services can be arranged directly by you under an agreement with a metering company.

12.     NMI Profile

The total amount of electricity consumed at your National Metering Identifier (NMI) for the billing period. For more on your NMI, see Section 2 above.

13      Loss Factors

As described in Section 8, roughly 10 per cent of electricity is lost as it flows through transmission and distribution networks from the point of generation to the end user. Loss factors are determined in order to compensate for this. They are calculated by AEMO and adjusted every July; Stanwell has no control over these calculations.

14.     Maximum Daily Demand

Your maximum daily demand charge reflects your maximum electricity usage over a 30-minute interval in the last 12 months. Your highest demand during this time is then used to calculate the demand value.

15.      Network Charges

These are charges for use of the distribution network that delivers electricity to your site. Through these charges, you contribute towards the building, operation and maintenance of the poles and wires that make up the network.

The network provider determines your site’s tariff based on your electricity usage and consumption patterns. If you feel your tariff is too high, you can place a tariff change request once every 12 months via Stanwell.

To learn more about your bill, and for any other questions, contact your Account Manager today.

Market update – February 2022

By Nicola Miller – Account Manager

Watch the full update here

Outages, soaring international fuel prices and a couple of surprising announcements closer to home led to another interesting month for the energy market.

Spot market

We saw a significant rise in price in Queensland (closing up $22.82), with smaller movement in the New South Wales (up $5.86) and Victorian (down $6.65) spot markets.

In Queensland, this was due primarily to the outage at the 750MW Kogan Creek power station, which went offline in late January and came back online mid-February, as well as the continued outages at Callide C4 and Swanbank E.

High temperatures also led to particularly high demand in the first week of the month, peaking at 9,800MW megawatts and causing prices to hit the market cap. At the same time, overcast conditions throughout the summer have limited solar generation, leaving dispatchable generators to make up the shortfall.

Contract market

In the contract market, the cost of fuel is driving Cal 23 prices higher across the board – up $2.95 in Queensland, $8.95 in New South Wales and $3.15 in Victoria. The conflict in Ukraine is contributing to global surges in oil, gas and coal prices.

Closer to home, two Origin Energy announcements have had an impact on the contract market. The company recently indicated that their coal-buying negotiations for the next financial year have yet to be completed, exposing them to higher coal prices, which seems to have lifted the curve across all states.

Origin also announced that it is seeking approval to close Australia’s largest coal-fired power station, Eraring, in August 2025. The news that nearly 3000MW of baseload generation would be retired seven years earlier than expected has sent Cal 25 prices curving upwards, particularly in New South Wales (up $14.05).

Of course, the other big energy news of the month was Mike Cannon-Brookes’ bid to take over AGL. Cannon-Brookes has proposed closing AGL’s power stations by 2030, but since the contract market only extends to Cal 25, this hasn’t had an immediate impact.

Environmental market

In the environmental market, spot LGCs (large-scale generation certificates) returned to earth after the passing of surrender deadlines that had driven demand in January.

Similarly, spot ACCUs (Australian Carbon Credit Units) softened as the market returned to normalcy after rallying to record highs in January.

That’s it for February – wishing you all the best for March from the team at Stanwell Energy.


Meet our Customer Operations Analyst, Sheahan Selvadurai

When Sheahan Selvadurai started working in the energy industry, more than 13 years ago, he was very much behind the scenes in the land of electricity distribution.

Today, as Stanwell Energy’s Customer Operations Analyst, what he loves most about his role is the opportunity to now work front of house with our customers.

“Coming from working for an electricity distributor, to retail, I’m enjoying the opportunity to learn more about Stanwell Energy’s strong portfolio of customers,” he said.

“Every day I’m pretty flat out, working across the full spectrum of customer operations, juggling queries and working with our internal specialists to ultimately increase the satisfaction of our customers.

“I’ve been with Stanwell Energy for nearly two years and it’s been great to see we just keep evolving and making improvements to our accuracy, efficiency and customer experience.”

Outside of work, Sheahan’s kept on his toes by his nine-year old daughter, his wife and their 11-month old puppy (a Shar Pei Staffy mix).

“My daughter and wife are Vietnamese, so in normal times we spend a lot of time traveling there. We also love to head down to see my parents at Fingal beach and spend time in the water.

“More recently, I’ve become an avid gardener – composting, worm farming and growing lots of Asian vegetables and other food like mangoes, passionfruit, asparagus, chilli and tomatoes.

“I’m also keeping a close eye on the electric car market, as I’m keen to add a battery to my existing 10 kW home solar system and eventually become even more self-sufficient.”

To learn more about our other Stanwell Energy team members, visit our website.

Market update – January 2022

By Mike Cave – Stanwell Trading Manager, Financial Markets

Watch the full update here

Rising temperatures, higher international fuel prices and outages across several units all contributed to an eventful start to the new year for the energy market.

Spot market

The spot market continued to rise in January.

In Queensland, where the flat price closed $11.29 higher, this was primarily due to substantial outages at the Kogan Creek, Gladstone 1 and 5, Callide B1, B2 and C4 and Swanbank E power stations. This also had an impact on New South Wales prices (up $9.21), because of the interconnectivity between the states.

On top of those Queensland outages, the summer heat had us all reaching for the air con remote, which is a sure sign that demand will be high.

Victoria had a particularly warm January. There were 118 five-minute intervals where demand in Victoria exceeded 8,000MW in January, peaking at 8,406MW at 5:50pm on January 27 – considerably higher than the December peak of 7,547MW.

This was coupled with high demand in neighbouring South Australia, which is interconnected with Victoria in the National Electricity Market. With overcast weather affecting solar production in the middle of the day, dispatchable baseload generators helped to make up the shortfall, contributing to Victoria’s sharp rise (up $28.59).

We’ve also seen fuel stockpiles in Queensland and New South Wales ramp down since the Callide incident last year, which required generators to run harder than forecast. These plants are now seeking to conserve coal, which leads to higher bid prices.

Higher international gas, coal and crude oil prices have also made securing additional fuel more expensive. While black coal generators don’t pay international prices directly for all of their coal supply, they do tend to be an important pricing factor, particularly in New South Wales, where they can shape prices for short-term supply contracts and the renegotiation of long-term contracts.

Contract market

In the contract market, these outages in Queensland, combined with the high demand caused by the mini heatwave, saw the state’s Q1 22 price rise significantly (up $38.23).

The extension of Swanbank E’s outage, in particular, has become a point of interest for Queensland’s contract price, flowing through to the forward curve (up $7.16). Here, too, New South Wales is following suit (up $6.14) because of the interconnectivity between the states.

On the other hand, Victoria’s Cal 23 prices are trending downwards (down $1.53), because of the high wind output and availability of traditional generators expected down south.

Environmental market

In the environmental market, Large-Scale Generation Certificates (LGCs) and Small Generation Units (STCs) both closed higher (up $4.25 and $0.30, respectively), as buying intensified in the lead-up to the LGC 2021 Calendar Year surrender deadline and the STC Q4 21 surrender deadline on February 14.

Spot Australian Carbon Credit Units (ACCUs) continued to trade higher across the month (up $7), with demand outstripping the supply of units sold in the market.

That’s it for January – wishing you all the best for February from the team at Stanwell Energy.