The Australian Energy Market Operator (AEMO) has imposed a price cap on the electricity market for the first time ever in Queensland.

AEMO announced the $300/MWh price cap on the Queensland electricity market, after cumulative prices averaged more than $674/MWh in a week. 

Reports say it is the first time AEMO has imposed a cap in Queensland.

The price cap was due to expire on Monday, but AEMO extended it for another 24 hours because a trigger point of $1.359 million in accumulated costs had still been breached.

Queensland power prices soared as around a quarter of the state’s coal fleet went out of action, revealing its dependence on coal capacity and sky-high gas prices.

NSW is in danger of breaching the price cap too.