Fair enough for VIC and SA (as they are unaffected by this heatwave now, having had their share beforehand),but it’s understandable that people are asking questions about what’s happening in NSW and QLD!
In the 17:05 dispatch interval we see the Queensland price jump right back up to $12,594/MWh as shown in this NEMwatch snapshot here:
This whole day (actually, a couple of days) is going to take some focused analysis … and remember that we did away with the 5/30 issue with the commencement of Five Minute Settlement on 1st October 2021!
Paul was one of the founders of Global-Roam in February 2000. He is currently the CEO of the company and the principal author of WattClarity. Writing for WattClarity has become a natural extension of his work in understanding the electricity market, enabling him to lead the team in developing better software for clients.
Before co-founding the company, Paul worked as a Mechanical Engineer for the Queensland Electricity Commission in the early 1990s. He also gained international experience in Japan, the United States, Canada, the UK, and Argentina as part of his ES Cornwall Memorial Scholarship.
Following from the interest generated in the article published in the AFR, we completed some analysis of the trend in IRPM over the history of the NEM up until June 2007.
The results of this analysis revealed that at no time before 2007 had the IRPM even dropped below 12% and that, except for the 2-day period (19th and 20th June) the IRPM had not dropped below 10%.
Two AEMO market notices late this morning suggest that NSW and QLD are in for tight supply-demand later this week, with an LOR2 condition currently forecast in the former.
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