Electricity Market Prices – Week ending 22 February 2019

Key electricity market observations for the week ending 22 February 2019:

  • Recently Dr Kerry Schott AO, Chair of Energy Security Board, submitted a rule request to streamline the regulatory approval process for new high capacity electricity interconnector between South Australia and New South Wales (www.aemc.gov.au). Streamlining the assessment process will be a function of amendment to National Electricity Rules reducing the time between the completion of the cost benefit analysis (the RIT-T) and when the Australian Energy Regulator (AER) makes its determination on whether the costs of the project can be recovered. It is estimated that the proposal from Kerry Schott will save 6 months in the process.
  • Despite softer demand and prices than the week prior, QLD futures generally increased last week. The weekly average spot price and demand were $91.26/MWh and 6,910 MW respectively with lower daily maximum temperatures than the previous weeks and less spot price volatility than the previous week.
  • Utility scale solar in QLD contributed consistently to the generation mix generating between 600 MW and 660 MW each day during the solar hours.
  • AGL’s high profile Liddell power station had a tube leak on Saturday which brought unit 1 offline
  • AGL’s Loy Yang A had a plant failure on Wednesday which brought unit 3 offline and reduced output from the power station by 560 MW

Queensland

New South Wales

Victoria

South Australia

Source: AEMO / ASX Energy