Mainland region price spikes on Tuesday 6th July 2021

Posted ~17:45

Yesterday we saw relatively high winter evening peak in demand, coincident with low Instantaneous Reserve Plant Margin right across the NEM – but relatively subdued prices.

Not so much this evening (Tue 6th July 2021) ….

Here’s a snapshot from NEMwatch v10.2 (the version being developed for Five Minute Settlement) at the 17:30 highlighting several things:

I’ve annotated how:

1)  ‘Scheduled Demand’ has climbed out of the ‘green zone’ in NSW and we can see it is climbing further at this time.  So with it NEM-wide demand as well.

2)  The IRPM right across the NEM has dropped under 12% … hence the red alert colour in NEMwatch above.

3)  Price have obviously spiked in all 4 x Mainland regions (this was the first of a number); and

4)  Supply from Wind (and, of course, Solar PV) has declined this evening, with it looking like it will continue to trop further for a while.

… and there are other observations that can be made.

With gas prices elevated currently, this will make for ‘interesting’ viewing this evening…