The structure of the retail market continues to improve with more retailers entering and existing smaller retailers growing. Switching rates continue at very high levels indicating that consumers are seeing value in shopping around for retailers offering better deals. Our analysis shows that while prices are rising, they are not rising as fast as costs: an indication that the market is competitive.

2013 saw the wholesale market deal with a drought early in the year, the second year in a row where low inflows have been managed and reliable supply has been maintained throughout a severe fuel shortage. We also saw the hedge market reach record levels of activity and the continued market-led roll out of smart meters.