Starting from the 17:55 dispatch interval this evening, we have seen a rare occurrence of prices spiking >$1,000/MWh in all five NEM regions simultaneously. Outside of the 2022 energy crisis, this has seldom occured in (at least) the recent history of the NEM.
As time permits, we will endeavour to take a closer look into the market conditions that led to these price outcomes.
Dan is a Market Analyst, who joined Global-Roam in June 2013.
He departed (and returned) for a couple of brief stints overseas, before rejoining the team permanently in late 2019. Alongside his work at Global-Roam, he has undertaken short-term contract roles as an analyst and researcher in various areas of the energy sector. Dan graduated from the Master of Sustainable Energy program at the University of Queensland in 2024.
On Sunday 1st September 2024 the ‘minimum demand’ point in NSW ratcheted lower still – a drop of 6% on the preceding ‘lowest ever’ point set just over 10 months ago.
First article today, recording a new ‘lowest ever’ point for demand in Victoria (Sun 31st Dec 2023), and possible intervention from AEMO has it looks to drop further, leading to possible grid instability.
On Wednesday 10th June 2009, temperatures plunged across the NEM for the first time this winter, providing a long-awaited dump of snow to start the season, and driving electricity demand high.
2 Commentson "Rare NEM-wide price spikes on Monday July 29th 2024"
Blocking high causing a significant downturn in wind production.
Callide C3 is apparently offline as well for another month.
Businesses in general are at a 25yr high for bankruptcy/insolvency. Nothing to see here folks.