The AEMO publishes its Quarterly Energy Dynamics (QED) every quarter, but on many occasions we don’t note it here on WattClarity®.
In this instance, we thought it was worth a direct reference for our readers here – you can access the QED as follows:
| The Report | Other Materials |
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You can download the 66-page PDF of the report here:
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Successive copies of AEMO’s QED are all bundled together on this page on the AEMO website. At that location you will also find a link to download the Q2 2022 Workbook here. |
With respect to this release of the QED, readers might like to note the following:
(A) What AEMO notes about the report
In this Media Release to accompany the report, the AEMO notes:
‘High international commodity pricing, coal outages, and rising gas-fired generation drives record prices for Q2 2022
The June quarter was an unparalleled period for Australia’s energy markets, with wholesale electricity spot prices averaging $264 per megawatt-hour (MWh) in the National Electricity Market (NEM), up by $177/MWh on the previous quarter and $179/MWh on Q2 2021’s $85/MWh average.
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AEMO Executive General Manager – Reform Delivery, Violette Mouchaileh, said the quarter has been one of the most complex and challenging periods, underscoring the need to accelerate the transition to the cheapest form of reliable electricity.
“Wholesale energy price hikes and volatility were driven by multiple factors, including high international commodity prices, coal-fired generation outages, elevated levels of gas-fired generation, fuel supply issues, and many east coast cities experiencing their coldest start to June in decades,” Ms Mouchaileh said.
“These factors also drove the frequency of NEM spot prices exceeding $100/MWh from 14% in Q2 2021 to 86% in Q2 2022, and above $300/MWh from 1% to 26%.”
These extremes in spot price outcomes had been discussed on 6th July 2022 in this WattClarity® review of Q2 pricing patterns.
(B) Early commentary about the QED 2022 Q2
So far today I have come across commentary in a range of places, including the following:
1) Here on WattClarity:
(a) There’s this note, obviously
(b) But earlier we also published how ‘AEMO QED highlights (at least) Eight Factors contributing to extreme price outcomes in Q2 2022’.
2) In the AFR I have seen…
(a) Colin Packham wrote ‘Coal generation in Queensland and NSW hit record Q2 low’.
(b) Have not seen anything else at this point.
3) In the Australian I have seen …
(a) Perry Williams wrote ‘Energy prices smash records as coal generation slumps’.
(b) It’s only the single article that I have seen at this point.
4) In the Guardian I have seen …
(a) Peter Hannam wrote ‘Australian wholesale energy prices in June quarter tripled from last year, market operator says’.
(b) I’ve not seen anything else at this point.
5) In SMH and the Age I have seen …
(a) Mike Foley and Nick Toscano wrote ‘Average electricity price tripled to an all-time high last quarter’.
(b) Could not find other articles
6) In RenewEconomy I have seen …
(a) Giles Parkinson wrote ‘AEMO urges quicker shift to renewables amid coal failures and soaring fossil fuel costs’.
(b) Giles Parkinson also wrote ‘“Opportunity cost:” The role played by Snowy’s hydro plants in electricity price spike’.
7) In PV Magazine I have seen …
(a) As of Friday morning I have not seen any articles.
8) In the ABC I have seen …
(a) Daniel Mercer wrote ‘Consumers warned of looming ‘nightmare’ as AEMO reports record wholesale electricity costs’.
As a reader here, if you come across any other useful commentary, feel free to add as a comment below.
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