A collation of articles written with respect to events in the NEM on Wednesday 8th May 2024.
These include extreme spot price volatility in NSW … to the point that the Cumulative Price exceeded the Cumulative Price Threshold and Administered Pricing (for ENERGY and all FCAS commodities) commenced.
A deeper dive into the geographic spread of wind farm generation and curtailment last Wednesday evening including a look into wind conditions and network topology.
Read MoreYesterday afternoon (Thu 16th May) Eraring unit 2 commenced return to service. But it hit a snag that evening, came offline, and might be off for a few more days?
On Thursday afternoon 16th May 2024, Eraring unit 2 (after a 15-day outage due to a boiler tube leak) has commenced the return-to-service process.
Coincidentally today, David Osmond has posted about ‘another challenging week’ for VRE NEM-wide (a week beginning Wed 8th May 2024 – the day NSW hit the Cumulative Price Threshold).
Following a reminder in a phone call today, I’ve updated the date range in a NEMreview trend previously used in February to look at percentage of Underlying Demand in NSW supplied for each half hour over the 5 day period Monday 6th May 2024 to Friday 10th May 2024 (which includes 3 volatile periods leading to Administered Pricing).
Today (Wed 15th May 2024) Bruce Mountain writes an opinion piece in the Australian about the recent run of Administered Pricing in NSW, and what it means for the looming closure of Eraring and the energy transition.
as expected, Administered Pricing has ended in NSW at 04:00 on Wednesday 15th May 2024
A short (early afternoon) look at the progression of Cumulative Price in NSW, almost 7 days after the evening volatility on Tuesday 7th May 2024 started the climb to the Cumulative Price Threshold.
Following a conversation with one journalist yesterday, and a tweet from another journalist, here’s an updated trend of NSW ‘baseload’ futures contract prices for 12 x quarters.
Looking back 4 days (including Wed 8th May 2024) at NSW gas-fired generator bidding.
Looking back 4 days (including Wed 8th May 2024) at NSW large-scale battery generator bidding.
Looking back 4 days (including Wed 8th May 2024) at NSW wind farm generator bidding.
Looking back 4 days (including Wed 8th May 2024) at NSW coal-fired generator bidding.
The ‘N::N_CTYS_2’ constraint equation (invoked due to a network outage on the Collector to Yass (3L) line) was one of the constraint equations material in volatile price outcomes in NSW on Tue 7th May 2024 and Wed 8th May 2024.
With questions mounting up (internally and externally) about Wed 8th May 2024 in NSW, we take a quick first look at bids – using the ez2view ‘Bids & Offers’ widget looking back 30 days at an aggregate level.
At 19:55 (NEM time) on Wednesday 8th May 2024, the NSW region commenced Administered Pricing for ENERGY and 10 x FCAS commodities, following a rapid spell of spot price volatility.
Blasting past 3 hours this afternoon/evening (and still counting), the run of spot price volatility in NSW drives the Cumulative Price up towards the CPT. Will it break the cap this evening, or tomorrow?
Price volatility has continued in NSW this afternoon, starting at around 3:40pm local time.
At 14:05 on Wednesday 8th May 2024 it looks like NSW might see more spot price volatility this evening.
Following Wednesday morning’s volatility in NSW (8th May 2024), middle-of-the-day prices have remained somewhat elevated.