A quick article with the unfolding situation this afternoon in Victoria – tight supply/demand balance, price spike to the Market Price Cap, and RERT negotiations ….
Market Price Cap
Load shedding in South Australia on Wednesday 8 February and successive ‘close shaves’ in NSW and Queensland as the heatwave spread north have exposed serious weaknesses in the national electricity market (NEM).
Some quick notes about a price spike to the (newly raised) Market Price Cap in NSW this morning
A record of how a day of see-sawing prices appeared (in real time) in NEM-Watch
Note that the high prices have since been revised, but the low prices (down to -$1000/MWh) remain, at least for now.