Key electricity market observations for the week ending 24 May 2019:
Scott Morrison announced his cabinet over the weekend and in doing so has brought climate change and emissions back together after it was separated less than a year ago. Existing energy Minister Angus Taylor will now be the Minister for Energy and Emissions Reduction, leaving Melissa Price who was responsible for the Environment portfolio being moved to Defence.
QLD weekly average spot price was $5.56/MWh softer averaging $69.22/MWh and demand was largely unchanged. Stable spot prices continued last week despite some interruptions in supply.
SA weekly average spot price and demand were both softer averaging $80.76/MWh and 1,256 MW respectively. Wind generation was low on Monday then lower again on Tuesday and almost non-existent on Wednesday last week, making the state reliant on gas powered generation.
VIC weekly average spot price was $92.16/MWh which was marginally higher than the week before and demand was marginally softer. There was a unit (2) trip at Loy Yang A power station very early on Saturday morning.