IRPM on a NEM-wide basis drops down to 9% again, at 20:05

Posted by Paul McArdleMonday 13th June 2022  8:13 PM   Topic: 2022 - June - QLD (12th) and NSW, SA and VIC (13th) hit Cumulative Price Cap

This NEMwatch snapshot from 20:05 highlights that, whilst ‘Market Demand’ continues to drop into the evening, there has also been reductions in Available Generation in NSW and QLD (both under Administered Pricing now) and also in VIC:

2022-06-13-at-20-05-NEMwatch-screenshot

The net result of this is that the IRPM has dropped to 9% again this evening.

Note also that the Cumulative Price in both SA and VIC are now above … so well on the way to join QLD and NSW above the Cumulative Price Threshold (CPT) of $1,359,100.

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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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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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