There’s been some discussion in certain circles about what that might do to the Cumulative Price, but it was Alex Leemon here that (to my knowledge) first noted that it went negative on Thursday 29th August 2024.
Here’s a snapshot of the situation this morning in this pre-prepared query in the ‘Trends Engine’ within ez2view:
A seen in this snapshot from NEMwatch at the 09:30 dispatch interval on Friday 30th August 2024 noting that the Cumulative Price in South Australia is down at (only!) $185/MWh … so is soon to join VIC (now at –$23,860/MWh) down in negative territory:
Paul was one of the founders of Global-Roam in February 2000. He is currently the CEO of the company and the principal author of WattClarity. Writing for WattClarity has become a natural extension of his work in understanding the electricity market, enabling him to lead the team in developing better software for clients.
Before co-founding the company, Paul worked as a Mechanical Engineer for the Queensland Electricity Commission in the early 1990s. He also gained international experience in Japan, the United States, Canada, the UK, and Argentina as part of his ES Cornwall Memorial Scholarship.
Out of curiosity, and driven by questions received from several people, I’ve invested a bit of time today to delve further into the record low level of Scheduled Demand seen in the Victorian region (and perhaps also across the whole of the NEM) on Saturday 29th August 2020.
Wednesday 28th January saw demand across the NEM jump to unprecedented levels, setting a new record of 34,843MW at 16:00 NEM time. On Thursday 29th January, we saw the demand increase still further, leading to prices that stayed high for much of the day (to the point where the Cumulative Price Threshold was reached in VIC and SA and price caps were imposed), and a relatively small amount of involuntary load shedding occurring in VIC and SA.
Spot prices in South Australia have been seen to be higher in the month of April than in the prior months, which is somewhat counter-intuitive. Prices also spiked this evening on a number of occasions above $500/MWh – here’s some of the reasons why.
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