Administered Pricing ends in NSW from 04:05 Wednesday 15th May 2024

As predicted yesterday afternoon, it was (around 17:40) whilst many were thinking about the imminent Federal Budget address that one of our team members noted that the Cumulative Price in NSW dropped below the Cumulative Price Threshold.

We had to wait until the end of the Market Day (i.e. 04:00 this morning, NEM time) for Administered Pricing in NSW to wind off, as shown in this snapshot from NEMwatch at 05:35 Wednesday 15th May 2024:

Per the annotations:

1)  The Market Notice 116617 announces the (final) end of Administered Pricing as follows:

‘——————————————————————-
MARKET NOTICE
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From :              AEMO
To   :              NEMITWEB1
Creation Date :     15/05/2024     03:55:10

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Notice ID               :         116617
Notice Type ID          :         ADMINISTERED PRICE CAP
Notice Type Description :         Administered price periods declared.
Issue Date              :         15/05/2024
External Reference      :         [EventId:203] AP ENDED for ENERGY in NSW1 at 15 May 2024 03:55

——————————————————————-

Reason :

AEMO ELECTRICITY MARKET NOTICE

Issued by Australian Energy Market Operator Ltd at 0355 hrs on 14 May 2024

ADMINISTERED PRICE PERIOD ENDS in NSW1 region.

In accordance with Clause 3.14.2(b) of the National Electricity Rules, AEMO is notifying market participants that the administered price period declared for the NSW1 region in market notice 116607 will end at 0400 hrs on 15 May 2024.

This is an AEMO autogenerated Market Notice.

——————————————————————-
END OF REPORT
——————————————————————-’

… note that (as highlighted) the way this process works, on 5 x preceding days the AEMO has issued a pair of Market Notices at ~03:55 each morning – the first to announce the end of Administered Pricing for that day and the second to restart Administered Pricing for the very next dispatch interval, the first in the new Market Day.

2)  We also see here that the Cumulative Price has fallen below $1,365,000:

(a)  So already more than $100,000 below the Cumulative Price Threshold;

(b)  And expected to drop sharply this morning, and again further this evening.

So back to ‘normal’…