Evening volatility in South Australia on Wednesday 21st February 2024

A very short article with a snapshot from NEMwatch at 18:00 (NEM time) to record some evening volatility in South Australia:

Note that:

0)  Spot price in SA at this time is $1,144.83/MWh, and climbed to the Market Price Cap ($16,600/MWh) afterwards.

1)  Prices have been elevated in South Australia (i.e. $300/MWh or up) through daylight hours.

2)  The NEM-wide ‘Market Demand’ is at 30,485MW at this point, and

3)  (By the colours) we can see regional demand is somewhat elevated in SA, VIC and QLD (with reference to the historical range).

That’s where the article initially ended…

PS1 – Earlier Market Intervention

At 16:30:12 the AEMO had published Market Notice 114921 as follows:

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MARKET NOTICE
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From : AEMO
To : NEMITWEB1
Creation Date : 21/02/2024 16:30:12

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Notice ID : 114921
Notice Type ID : MARKET INTERVENTION
Notice Type Description : Reserve Contract / Direction / Instruction
Issue Date : 21/02/2024
External Reference : Direction – SA region 21/02/2024

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Reason :

AEMO ELECTRICITY MARKET NOTICE.

Direction – SA region 21/02/2024

In accordance with section 116 of the National Electricity Law, AEMO has issued a direction to a participant in the SA 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 secure 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 1635 hrs on 21/02/2024.

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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PS2 – Prices at MPC for 9 dispatch intervals

Spot prices jumped to the $16,600/MWh price cap at 18:10 and remained there until 18:50 (last spike that high) … so 9 dispatch intervals in total.

PS3 – Actual LOR1 condition

At 18:47:19 (i.e. just before the price dropped in the 18:55 dispatch interval to $1051.11/MWh) the AEMO published Market Notice 114927 as follows:

‘——————————————————————-
MARKET NOTICE
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From : AEMO
To : NEMITWEB1
Creation Date : 21/02/2024 18:47:19

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Notice ID : 114927
Notice Type ID : RESERVE NOTICE
Notice Type Description : LRC/LOR1/LOR2/LOR3
Issue Date : 21/02/2024
External Reference : Actual Lack Of Reserve Level 1 (LOR1) in the SA region – 21/02/2024

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Reason :

AEMO ELECTRICITY MARKET NOTICE

Actual Lack Of Reserve Level 1 (LOR1) in the SA region – 21/02/2024

An Actual LOR1 condition has been declared under clause 4.8.4(b) of the National Electricity Rules for the SA region from 1830 hrs.
The Actual LOR1 condition is not forecast in Pre Dispatch

The capacity reserve requirement is 431 MW
The minimum capacity reserve available is 414 MW

Manager NEM Real Time Operations

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END OF REPORT
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