Spot market volatility on Thursday 25th May 2023 (and Actual LOR2 in NSW)

As has been the case in other recent days, there’s spot market volatility in the QLD and NSW regions this evening (Thursday 25th May 2023) soon after the solar generation has set for the day.

Here’s a snapshot from NEMwatch at 17:30:

Nothing further at this point.

PS1 – Run of Spot Prices

A quick edition of the run of prices via the NEMwatch price table:

PS2 – Actual LOR2 in NSW

A couple hours after the volatility began, and after prices had subsided (as we can see above), the AEMO notified or an Actual LOR2 condition in NSW via Market notice 108160 at 20:19:

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Notice ID 108160
Notice Type ID LRC/LOR1/LOR2/LOR3
Notice Type Description MARKET
Issue Date Thursday, 25 May 2023
External Reference Actual Lack Of Reserve Level 2 (LOR2) in the NSW Region on 25/05/2023
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AEMO ELECTRICITY MARKET NOTICE

Actual Lack Of Reserve Level 2 (LOR2) in the NSW region – 25/05/2023

An Actual LOR2 condition has been declared under clause 4.8.4(b) of the National Electricity Rules for the NSW region from 2000 hrs.

The Actual LOR2 condition is forecast to exist until 2030 hrs.

The forecast capacity reserve requirement is 851 MW.
The minimum capacity reserve available is 767 MW.

AEMO is seeking an immediate market response.

An insufficient market response may require AEMO to implement an AEMO intervention event.

Manager NEM Real Time Operations

This was cancelled at 20:45 in Market Notice 108172 (there’d been a mistake in the end-time noted in MN108165 a minute beforehand):

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Notice ID 108172
Notice Type ID LRC/LOR1/LOR2/LOR3
Notice Type Description MARKET
Issue Date Thursday, 25 May 2023
External Reference Update – PDPASA – Cancellation of the Actual Lack Of Reserve Level 2 (LOR2) in the NSW Region on 25/05/2023
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AEMO ELECTRICITY MARKET NOTICE

The Actual LOR2 condition in the NSW region advised in AEMO Electricity Market Notice No. 108160 is cancelled at 2045 hrs 25/05/2023.

Manager NEM Real Time Operations