Retail margins are very high at 159% when they are charged 18.65 cents/kWh for peak power from the wholesaler & charge the customer 48.35 cents/kWh.
Not really.
For further clarification, that's just the fee DNSP (Essential Energy) levies on the retailer per kWh during peak - that's only a network access cost, not the wholesale energy cost.
This is the cost of the poles and wires (and yes there is also a fixed daily charge for that was well, they recover the cost both with a fixed fee and a fee per unit of energy delivered).
IOW it does not include the actual wholesale cost of the energy from the energy market. That is an extra and separate cost and is a bit complicated as retailer's wholesale energy costs are a combination of longer term wholesale supply contracts and purchases from the wholesale spot market.
e.g. last night the wholesale spot market price in NSW between 5-8 PM was between $200-235 per MWh (it changes every 5-minutes), which is equivalent to 20.0-23.5 c/kWh. That's actually pretty reasonable for the peak period.
On 26 June the average spot price in the 5-9 PM period was $10,273/MWh, or
$102.73 $10.273 per kWh*. If the retailer bought energy from the wholesale spot market, that's what they had to pay.
There are also other smaller fees the retailer has to cover, such as network regulator fees, carbon costs and prob a few others I forget right now.
I'm not condoning the process, just explaining it.
* Edit: made an earlier error with the numbers by factor of 10, fixed.