As the AEMO promised yesterday, price caps have been lifted across the NEM.
This was signalled in a series of Market Notices:
1) MN99047 (NSW), MN99048 (QLD), MN99049 (VIC)
2) … but did not immediately see a similar one for South Australia (not sure why, because it was re-declared for SA in MN98692 Wednesday at 03:55?).
Here’s a snapshot from NEMwatch at 07:25 this morning showing prices for all four mainland regions now above the prior $300/MWh Administered Price Cap … driven (as discussed before) by the heightened short run marginal cost (SRMC) of some fuel sources, and perhaps also rationing of scarce fuel supplies:
Worth noting two things…
(A) About ENERGY prices and the Cumulative Price
It should be no surprise given the prices have bounced back up above $300/MWh that the Cumulative Price have begun climbing again… many eyes will be on this (including through our Dashboard here for those who register) to see how it trends over the coming week, and whether it approaches the Cumulative Price Threshold (CPT):
A lot rests on this staying below the CPT!
(B) FCAS prices are all still sitting at $0/MWh since 04:05
At 07:11 the AEMO published Market Notice 99603 noting a problem with FCAS prices:
‘——————————————————————-
MARKET NOTICE
——————————————————————-
From : AEMO
To : NEMITWEB1
Creation Date : 23/06/2022 07:11:13
——————————————————————-
Notice ID : 99063
Notice Type ID : MARKET SUSPENSION
Notice Type Description : Market suspended in region(s).
Issue Date : 23/06/2022
External Reference : Update – Market suspension – FCAS prices
——————————————————————-
Reason :
AEMO ELECTRICITY MARKET NOTICE
Update – Market suspension – FCAS prices
Refer to AEMO Market Notice 98805
AEMO has been publishing zero FCAS prices for all services in all regions of the NEM from 0400 hrs 23 June 2022, after reverting to dispatch pricing during the current market suspension.
AEMO is investigating the problem urgently.
Energy prices are unaffected and are being published correctly.
Manager NEM Real Time Operations
——————————————————————-
END OF REPORT
——————————————————————-’
At 07:55 when publishing this, the FCAS prices are all still sitting at $0/MWh.
PS ~14:00 update on FCAS prices
At 13:14 the AEMO published MN 99070 as follows:
‘——————————————————————-
MARKET NOTICE
——————————————————————-
From : AEMO
To : NEMITWEB1
Creation Date : 23/06/2022 13:14:53
——————————————————————-
Notice ID : 99070
Notice Type ID : MARKET SUSPENSION
Notice Type Description : Market suspended in region(s).
Issue Date : 23/06/2022
External Reference : Update – Market suspension – FCAS prices
——————————————————————-
Reason :
AEMO ELECTRICITY MARKET NOTICE
Refer to Market Notice 99065
AEMO has been publishing the correct ancillary service prices for all services in all regions of the NEM since TI 0905 hrs 23 June 2022.
Ancillary service prices will be substituted with the unmodified NEM price published in AEMO databases as “ROP” for each market ancillary service in each region, notwithstanding the issue of autogenerated market notices to the contrary, from TI 0805 to TI 0900 on 23 June 2022 inclusive.
TI 0405 to TI 0800 on 23 June 2022 remain under consideration.
Manager NEM Real Time Operations
——————————————————————-
END OF REPORT
——————————————————————-’
PS ~15:30 second update on FCAS prices
At 14:58 the AEMO published MN 99093 as follows:
‘——————————————————————-
MARKET NOTICE
——————————————————————-
From : AEMO
To : NEMITWEB1
Creation Date : 23/06/2022 14:58:27
——————————————————————-
Notice ID : 99093
Notice Type ID : MARKET SUSPENSION
Notice Type Description : Market suspended in region(s).
Issue Date : 23/06/2022
External Reference : Update – Market suspension – FCAS prices
——————————————————————-
Reason :
AEMO ELECTRICITY MARKET NOTICE
Update – Market suspension – FCAS prices
Refer to Market Notice 99070
AEMO has determined that there is no basis on which the published ancillary service prices for TI 0405 to TI 0800 on 23 June 2022 can be substituted, and accordingly the published ancillary service prices for those TIs in all regions will stand.
Manager NEM Real Time Operations
——————————————————————-
END OF REPORT
——————————————————————-‘
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