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Posted 2 years ago | 2 minute read
Wholesale electricity prices down 59%
Wholesale power prices have fallen significantly in the past year, according to the Australian Energy Market Operator (AEMO).
AEMO’s Quarterly Energy Dynamics report shows from April to June, which was published on 27 June, showed that wholesale electricity prices in the NEM averaged $108MWh, 59% lower than record high quarterly price set in Q2 2022 ($264/MWh), but 31% higher than the March quarter. It also noted that less volatility has resulted in wholesale electricity prices exceeding $300MWh in 3% of intervals in the June quarter, compared to 26% in Q2 2022.
By region, quarterly average prices ranged from $64/MWh in Tasmania to $137/MWh in New South Wales, with Victoria, South Australia and Queensland averaging $89/MWh, $124/MWh and $126/MWh, respectively.
Emissions from national electricity market also dropped 6.6% from a year earlier to 28.7M tonnes of carbon dioxide-equivalent – a record low for the period, as the rise of renewable energy, particularly rooftop solar, increasingly nudged out fossil fuels from the grid. Both black and brown coal power plants reported lower utilisation rates during the quarter.
AEMO executive general Violette Mouchaileh said:
“Increased market share of lower marginal-cost renewables helped push down the wholesale electricity cost from [the June quarter of] 2022, despite this quarter having the highest Q2 underlying demand recorded since 2016 […] Coupled with higher renewable output, wholesale prices were zero or negative [for] 9% of the quarter throughout the NEM, a new Q2 record.”
GridBeyond Sales Director Lisa Balk said:
“Australia is experiencing a complex, rapid and irreversible energy transformation and taking full advantage of the flexibility that can be harnessed from demand side assets will be crucial is keeping the costs of the transition as low as possible, while ensuring reliability of the grid in an increasingly renewables dominate energy mix.
“At GridBeyond we use machine learning and AI-powered technologies, driven by data science, that enable I&C businesses to participate in a wide range of programmes for enhanced energy automation, insights and benchmarks, savings, revenues and sustainability.”
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Posted 2 years ago | 2 minute read