As seems now to be the pattern, the first in the triptych of detailed quarterly reviews comes from the Australian Energy Regulator, with their report released on Thursday 18th April 2024:
| The Report | Other Materials |
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You can download the 22-page PDF of the report here (which seems shorter than prior issues?):
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Further information about the Wholesale Markets Quarterly was published by the AER here on their website.
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With respect to the AER’s Wholesale Markets Quarterly report for 2024 Q1, readers might like to note the following:
(A) What AER notes about the report
Coincidentally, the AER released this Media Release ‘More intense summer weather contributes to increased wholesale energy prices’ to accompany the report. In this, the AER notes:
‘The report also shows that average quarterly electricity prices in QLD and VIC increased by 20% and 9% respectively compared to the corresponding quarter in 2023.
The 2023-24 summer was Australia’s third warmest on record, marked by widespread and persistent heat.’
and…
‘AER Board member Jarrod Ball said weather events played an important role in this quarter’s price outcomes.
This was most significant in northern states, particularly QLD where maximum daily demand exceeded the previous all-time record three times during the quarter.
“Although the summer heat and the power system event in Victoria on 13 February meant that wholesale prices in Queensland and Victoria were higher than the same time last year, all other regions were lower than the first quarter of 2023,” Mr Ball said.
By contrast, in VIC and SA there was reduced demand on the energy grid at times which resulted in first quarter minimum daily demand records, due to the increased generation by rooftop solar systems on sunny yet mild summer days (when air-conditioner use is low).’
So the report will be of interest to our readers…
(B) Early commentary about the AER’s Wholesale Markets Quarterly report for 2024 Q1
We’ve not yet scanned extensively to see what media coverage there is of the report – but, where we come across other articles, we’ll add them in here:
1) Here on WattClarity:
(a) There’s this note, obviously
2) In the AFR I have seen…
(a) Nothing at this point.
3) In the Australian I have seen …
(a) Nothing at this point.
4) In the Guardian I have seen …
(a) I’ve not seen anything from Peter Hannam or others
5) In SMH and the Age I have seen …
(a) I’ve not seen anything from Foley and Nick Toscano or others
6) In RenewEconomy I have seen …
(a) On Thursday 18th April, Giles Parkinson wrote ‘Renewables drive down prices in first quarter, but heatwaves and outages cause spikes in coal dominated grids’.
7) In PV Magazine I have seen …
(a) I’ve not seen anything yet
8) In the ABC I have seen …
(a) I’ve not seen anything yet from Daniel Mercer or others
As a reader here, if you come across any other useful commentary, feel free to add as a comment below.
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