QLD ‘Scheduled Demand’ reaches 10,052MW (at 15:40 on Monday 22nd Jan 2024) and continues to climb

Worth a short update with this snapshot from NEMwatch for the 15:40 dispatch interval:

With respect to the numbered annotations:

1)  The ‘Market Demand’ as reached 10,052MW:

(a)  Which was (coincidentally) the highest level reached yesterday (on Sunday 21st Jan 2024 in the 17:55 dispatch interval); and

(b)  Which would be only 109 MW below Friday’s all-time maximum; and

(c)  Was higher than any level that demand had achieved (by that measure) until 13th February 2019, as seen in yesterday’s longer-term trend.

2)  We can see clearly that the demand has continued to climb

3)  Price has actually dropped back below $100/MWh

4)  The Cumulative Price is up above $500,000 as a result of recent volatility

5)  Constraints are binding on QNI and Directlink

6)  As a result there’s a QLD-only ‘Economic Island’ formed … but the surplus is still healthy at this time (i.e. until the Large Solar capacity disappears into the evening)

7)  The AEMO has followed the forecast LOR2 market notice with this note about a direction to a QLD participant:

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MARKET NOTICE
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From :              AEMO
To   :              NEMITWEB1
Creation Date :     22/01/2024     14:49:46

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Notice ID               :         113610
Notice Type ID          :         MARKET INTERVENTION
Notice Type Description :         Reserve Contract / Direction / Instruction
Issue Date              :         22/01/2024
External Reference      :         Direction – QLD region 22/01/2024

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Reason :

AEMO ELECTRICITY MARKET NOTICE.

Direction – QLD region 22/01/2024

In accordance with section 116 of the National Electricity Law, AEMO has issued a direction to a participant in the QLD region. For the purposes of the National Electricity Rules this is a direction under clause 4.8.9(a).

The direction was necessary to maintain the power system in a reliable operating state.

AEMO may issue or revoke additional directions in order to meet the current requirement, unless sufficient market response is provided. A further market notice will be issued when all directions related to this requirement have been cancelled.

The issue of the direction commences an AEMO intervention event. AEMO declares all trading intervals during the event to be intervention trading intervals, commencing from the interval ending 1435 hrs on 22/01/2024.

Intervention pricing does not apply to this AEMO intervention event.

Manager NEM Real Time Operations

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END OF REPORT
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