Those still in our office late this afternoon have our eyes firmly glued on our display wall. We have been monitoring the NSW region, as demand actuals continue to land firmly above prior P5 and P30 forecasts. At the time of writing, market demand is currently sitting at 13,764 MW and is on the climb to an expected peak at around 17:00 (6pm local time).
As Paul noted in his last update, the elevated demand, (driven by hot and humid conditions across the state), resulted in the first spike just after 4pm local time (the 15:10 dispatch interval). In the last three intervals, we’ve seen prices spike again towards the market cap, with P5 forecasts currently projecting prices to remain highly elevated for the next 90 mins.
The NSW energy price has spiked just short of the market cap over the past three dispatch intervals, following an earlier spike at 13:10. P5 forecasts are currently projecting prices to stay high over the next hour and a half.
Source: ez2view’s Trading Prices widget
More to follow..
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