On just the second day of the summer, Queensland has had it’s first price spike of the season. As seen in the screenshot from NEM-Watch v10 below, the spot price for the state hit $1,411.69 for the 16:40 interval on Monday afternoon.
From our quick initial investigation, it seems that intervention pricing was in effect during the interval, and that the OAKEY1 unit set the price but was not dispatched – if time allows we will look to publish more analysis on this interval.
The price spike occurred while total demand for the state reached 8,370 MW. The record for peak total demand in QLD is 10,052 MW which was set in March of this year. Looking at the chart we’ve made in NEMreview v7 below, we can see that peak demand in Queensland has been rising steadily over the second half of the past decade, with the record for peak demand being broken in each of the past four consecutive summers. We will be watching closely to see if this mark is surpassed again this summer.