Cold conditions have led to market demand in NSW hitting a fifteen-year seasonal high this evening — landing as high as 13,159 MW during the 17:50 dispatch interval. This marks the highest NSW winter demand (by this measure) since the 29th of June 2010, when market demand in the region reached 13,282 MW. The all-time highest winter market demand in NSW is 14,411 MW, which occurred on the 28th of July 2008.
For the most part, the NSW spot price has been subdued during this evening’s bout of high demand, with prices only going as high as $397.72/MWh during the 18:00 dispatch interval.
Meanwhile, the spot price in South Australia has been elevated since the late afternoon, as seen in the screenshot taken from ez2view below. At the time of writing (6:34pm NEM time), the region’s spot price has gone as high as $3,411.15/MWh, which first occurred during the 16:45 dispatch interval.
Source: ez2view Trading Prices widget
This morning I published a short post to remind our readers that the Market Price Cap today increased to $20,300/MWh, in line with the start of the new financial year. Earlier P5 price forecasts in SA this afternoon indicated that prices may have reached the new threshold this evening, but those high-end prices did not (or are yet to) materialise.
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