As we said last month, the ASX three-year average price was trending downward, which has led this month to a fall in the indexes, with the combined index down 6.7% on last month.

Hydro lake levels remain very healthy for this time of year, so it is the concerns over gas supply and cost that are holding contract prices up at the moment. There is a lot of work going into solving the gas supply issues, and we expect to see progress through the first part of next year, which could lead to easing in prices.