A 70 per cent surge in gas-fuelled power generation was behind a near-doubling of wholesale electricity prices across some south-eastern states in the June quarter, while forward prices for power rose across the board amid worries about potential supply shocks.

The figures from the Australian Energy Regulator confirmed a “drought” in wind power generation in the April-June period, when electricity produced from wind turbines slid to just 12 per cent, its lowest share in the mix since the same quarter in 2021.