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.
Whilst we’re waiting to see where ‘Market Demand’ lands for Friday 24th January 2025 (we might report that later), I was curious in terms of supply-side performance of units over the past 4 days in Queensland – including the extreme demand period of Wednesday 22nd January 2025…
On 19th January, high prices were sustained in SA for several hours, bringing the Cumulative Price within a whisker of the $150,000 threshold, at which prices would be capped.
[POSTED AT ~13:00] On Sat 11th Sept 2021, the ‘Grid Demand’ in the NSW region has dropped to levels not seen for many, many years … especially when considering it is in the middle of the day!
Also noteworthy on Sunday 1st October 2023 was a lower point for ‘minimum demand’ seen in South Australia … with ‘Market Demand’ down to -37MW and ‘Operational Demand’ down to 5MW (just above 0MW)
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.