The past few years have seen Australia’s National Energy Market (NEM) move from volatility to a more stable footing. As the shocks of 2022–23 recede and the market steadies through 2024–25, now’s the time for businesses to reassess their energy position. In The Energy Lowdown 25, we explore the forces shaping today’s wholesale and retail rates, the impact of the 2025–26 DMO and VDO resets, and how businesses can capitalise on emerging opportunities in a more predictable price environment to improve their bottom line.