In 2008 Earth Hour spread across Australia (and the globe), inciting further participation and debate. In this article we compare reported energy usage statistics with demand data from regions across the NEM, and consider the issues raised by other Earth Hour commentators.
Articles by Paul McArdle
“Earth Hour” was a concept developed by the WWF to promote awareness of the risks of climate change. It first ran just in Sydney in 2007, and generated considerable interest, on both sides of the fence – with both climate…
Since the first event in Sydney, 2007, Earth Hour has been held at the same time on two successive years, with an increasing number of locations around the world participating – and still continues to galvanise commentary by supporters and detractors alike. Following the conclusion of Earth Hour 2009, out of interest we thought we’d have a closer look at what happened in Australia’s National Electricity Market over the period of Earth Hour 2007.
Educational resources on Australia’s National Electricity Market.
A seminar at which you will be able to gain a first-hand account of how the current heatwave in VIC and SA is impacting on the physical market, and what it means for the financial market.
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.
We noted yesterday, in the midst of the excitement, that the previous NEM-wide demand record had been beaten, by virtue of the heatwave assaulting VIC and SA over the day. We spoke too soon, however, as demand continued to climb through the afternoon.
The day is not over yet, but we thought you would be interested in the attached snapshot highlighting the first of the occasions on the day when prices jumped to VOLL in SA and VIC as a result of searing temperatures stopping the tennis, and melting VIC and SA into new demand records for each region.
We watched with interest today as demand crept up in all mainland regions to the point where the NEM-Wide demand rose slightly above 33,000MW for the first time ever, during a summer period.
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.
Given that the holidays are now over (for most of us) and we’re returning back to “normal” life, we thought it would be a good time to provide a brief overview of what’s happened in terms of NEM-Wide demand, to date.
An overview of the final range of estimates received for the peak demand guessing competition of summer 2008-2009.
NSW experienced a record summer demand on Thursday 15th January, driven by high temperatures across the state. The extreme weather experienced in NSW followed the extreme weather that swept across South Australia and Victoria only two days beforehand.
Just as had been forecast, Tuesday 13th January 2009 saw hot, dry weather roll in across South Australia, and then into Victoria. The high temperatures caused demand to climb, but not to the level at which NEMMCO had forecast demand to climb over the summer period. As a result we saw the price in SA jump to a level near VOLL at 13:40, and remain there until about 18:00 (i.e. more than 4 hours).
One of 12 articles on the months past in the NEM. Here we examine the trends in price and demand across the NEM for September, and take a closer look at the effects of the 2007 drought on this particular month.
One of 12 articles on the months past in the NEM – in which we examine the trends in price and demand across the NEM for the month of August.
One of 12 articles on the months past in the NEM. Analysis of July has revealed that the peak NEM-wide demand for the past 3 years has occurred in winter – and has been significantly higher than the peak summer demand.
One of 12 articles on the months past in the NEM. June has brought us several cases of “economic witholding of capacity” – particularly in 2002, and in 2007 the NEM had a very interesting week in which the IRPM plunged to its lowest level ever.
One of 12 articles on the months past in the NEM – in which we examine the trends in price and demand across the NEM for the month of May.
One of 12 articles on the months past in the NEM. Here we present a detailed analysis of prices in each region of the NEM, for the month of April over the past 10 years.