Key electricity market observations for the week ending 26 July 2019:
The Queensland Government provided an update on the shortlisted projects under its Queensland Renewables 400 program.
QLD weekly average spot price was $58.27/MWh which was $13.24/MWh below the previous week. Spot prices were softest in the middle of the day which is a consistent and increasing trend with the increase in solar penetration.
SA weekly average spot price and demand were $63.67/ MWh and 1,305 MW respectively. Spot prices were $19.40/ MWh below the previous week. Spot prices were volatile at times and this was largely due to binding constraints on the Heywood Interconnector (SA to VIC).
Water levels at Snowy Hydro are currently sitting at 24.4% which is above that of the same time last year. Despite being in a better position than last year the water levels are concerning and in a historical context are low.