Victoria’s Energy Department predicts wholesale energy prices will be significantly higher than previously expected, in another sign of upward pressure on power costs in the state.

The new estimates, published in the Department of Environment, Energy and Climate Action’s (DEECA) latest annual report, anticipate wholesale electricity prices will range from $44.57 per megawatt-hour to $257.13 per megawatt-hour in the coming year.

Consumers have been battered by soaring electricity prices. Credit: James Alcock

The figures, which the department uses to calculate the value of complicated contracts, are significantly higher than those in the previous year’s report, which predicted a range between $17.15 and $155.02.

The new modelling highlights significant cost pressures on wholesale ene

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