Key electricity market observations for the week ending 7 June 2019:
The Queensland Government appealed against the Supreme Court ruling that overturned its changes to solar safety regulation and applied for a stay of the decision pending the outcome of the appeal so that the safety measures that form the regulations are maintained.
QLD weekly average spot price and demand were $123.11/ MWh and 6,222 MW respectively. Average demand and spot prices were higher than the week prior due to evening peak spot price volatility and large volumes of generation being constrained off.
NSW weekly average spot price and demand were $131.04/ MWh and 8,843 MW respectively. There was a 613 MW increase in average demand and despite this, spot prices remained in line with the previous week. The uplift in demand can largely be attributed to colder temperatures in Sydney.
SA weekly average spot price and demand were $118.98/MWh and 1,483 MW respectively. From Sunday through to Wednesday (and again on Friday) high levels of wind generation softened spot prices.
VIC weekly average spot price and demand were $129.45/MWh and 5,448 respectively. VIC enjoyed high levels of wind generation which helped put downward pressure on spot prices despite the uplift in demand.