AEMO’s Quarterly Energy Dynamics (QEC) for 2024 Q1 … second in the triptych

Five days after the AER released its quarterly review, the AEMO has released its Quarterly Energy Dynamics for 2024 Q1 … as the second leg of the triptych of detailed quarterly reviews:

The third leg of the triptych will be the GenInsights Quarterly Updates for 2024 Q1.  With that, we* are underway with the number crunching, but finalisation and release are still a number of weeks away yet.

* as with prior iterations of this report, these are a collaborative effort between us at Global-Roam Pty Ltd and the team at Greenview Strategic Consulting.  That’s what we mean here by ‘our’.

With respect to this QED, readers might like to note the following:

(A)  What AEMO notes about the report

Coincidentally, the AEMO released this Media Release ‘High temperatures push electricity demand increase, but prices fall as renewables continue to grow in the National Electricity Market’ to accompany the report.

In this, the AEMO notes:

‘Renewable energy generation drove down wholesale prices in the first quarter of 2024 despite higher temperatures pushing up electricity demand.

The amount of renewable energy being fed into the grid grew to 39%, up from 37.4% in Q1 2023.

AEMO’s latest Quarterly Energy Dynamics report shows that despite heatwave conditions and extreme weather events causing high price volatility, wholesale spot prices on Australia’s east coast were down 8% on Q1 2023, to $76 per megawatt hour (MWh).’

So the report will be of interest to our readers…

(B)  Early commentary about the AEMO’s QED for 2024 Q1

For reasons I’m unaware of, there seems less media coverage of this report than there has been with prior editions.

The following is what we’ve seen in a quick scan  – if/when we come across other articles, (and if time permits) 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)  On Tuesday 23rd April, Mike Foley and Nick Toscano wrote ‘Renewable energy is slashing emissions, now it’s cutting prices too’.

6)  In RenewEconomy I have seen …

(a)  On Tuesday 23rd April, Giles Parkinson wrote ‘Surge in battery storage capacity changing dynamics of the grid’.

(b)  Also on Tuesday 23rd April, Giles Parkinson wrote ‘Record wind and solar push down prices across grid, except for most coal dependent state’.

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.