Price hits the new Market Price Cap in NSW this morning

Posted by Paul McArdleTuesday 10th August 2010  3:50 PM   Topic: Winter 2010 in the NEM

No time to post any commentary today, but thought you still might be interested in these snapshots from NEM-Watch 8, running in playback mode:

08:15

All’s quiet

2010-08-10-at-08-15-NEM-Watch-playback

08:20

Price jumps in NSW and falls in QLD

2010-08-10-at-08-20-NEM-Watch-playback

08:25

Demand drops in NSW

2010-08-10-at-08-25-NEM-Watch-playback

08:30

2010-08-10-at-08-30-NEM-Watch-playback

08:35

2010-08-10-at-08-35-NEM-Watch-playback

08:40

 2010-08-10-at-08-40-NEM-Watch-playback

08:45

 2010-08-10-at-08-45-NEM-Watch-playback

08:50

 2010-08-10-at-08-50-NEM-Watch-playback

08:55

 2010-08-10-at-08-55-NEM-Watch-playback

09:00

Prices subside

 2010-08-10-at-09-00-NEM-Watch-playback

09:05

 2010-08-10-at-09-05-NEM-Watch-playback

Note that these price spikes this morning are subject to an AEMO review of Over-Constrained Dispatch.

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About the Author

Paul McArdle
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.

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Paul McArdle Fri 21st July 2006 

Winter 2002 – Generator Market Power

From the start of the NEM through until 2001, the NEM was typified by a pricing dichotomy with sustained rock-bottom pricing in NSW, Snowy and Victoria and high and volatile pricing in the extremities (Queensland and South Australia).

In 2001, the QNI interconnection and many generation projects were developed. This led to the convergence of prices between all regions, and the disappearance of price volatility – circumstances that were a real threat to generator profitability.

In response, generators adopted an approach that came to be known as “the economic withholding of capacity” to engineer volatility into the market throughout winter 2002 – and hence higher prices as a result., and generator behaviour.

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