Electricity Market Prices – Week ending 16 August 2019

Key electricity market observations for the week ending 16 August 2019:

  • QLD average weekly price was in line with the previous week, with the continuation of Kogan Creek’s 77 day major overhaul (completion expected for 27/09) doing little to increase QLD spot prices this week. QLD experienced multiple 5 minute $0/MWh and < $0/MWh price events throughout the week due to the relatively mild daily demand profiles in QLD for the week driven by barmy weather, coupled with unconstrained transmission lines and strong output of rooftop PV and large-scale solar generation.
  • NSW average weekly spot price was $87.07/MWh, which was up on the prior week’s average weekly spot price by ~$6.50/MWh. The NSW to VIC interconnector constrained south majority of the time from Saturday through to Wednesday, with flows heading south reducing in line with the pick-up in wind generation in VIC and SA. Black coal thermal had a good week last week with both Eraring Unit 3 which came offline 05/08 due to a suspected tube leak, and EA’s Mt Piper Unit 2 which came offline 07/08 due to an unexpected plant trip, returning to service on Sunday 11/08.
  • VIC average weekly spot price was $125.91/MWh representing an increase in spot price on the previous week of ~$16/MWh. VIC’s brown coal thermal fleet did not have a good week, with prices lifted this week due to multiple factors including Loy Yang B1 offline since the morning of 03/08 due to a suspected tube leak, Yallourn Unit 2 coming offline on Saturday evening (10/08) due to an unknown reason, and Yallourn Unit 3 came offline late evening early morning 13-14/08 due to a plant trip. Fortunately, Yallourn Unit 2 was only offline for a short period of time, and Loy Yang B1 returned to service for the evening peak on Friday 16/08. Additionally, extremely low wind generation on Monday and Tuesday of last week, along with the unavailability of thermal units, and sharp ramp down of solar generation resulted in a ~$6,700/MWh price spike, there were also 2 x > $1,200/MWh price spikes at 7:30 during the morning peak the same day significantly influencing the weekly average.
Queensland

New South Wales

Victoria

South Australia

Source: AEMO / ASX Energy