It’s called Australia’s National Electricity Market even thought it covers only about 50% of the geographical area of the country (though it does represent something like 90% of electricity consumption).
Today’s colourful snapshot from NEM-Watch this afternoon reminds us that it often devolves to a series of regional markets linked by constrained interconnectors whereby (because local generators have local market power, and demand sees its own localised weather conditions) each region derives its own unique pricing outcomes:
We will be interested to see how these regional factors unfold over the coming summer (2014-15) period with first gas shipped from Gladstone (perhaps?), a solution closer to the RET Review impasse (wishful thinking?), and more El Nino weather (including bushfires) forecast.