Our Market Operations Weekly Report contains the latest information about the electricity market, including security of supply, wholesale price trends and system capacity.
It is published every Tuesday. Click here to receive the report via email every week.
If you have any comments or questions please contact the Market Operations Team at [email protected].
Latest Report / More Information
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Current Storage Positions
Overview
National hydro storage now sits at 134% of the historic mean, above the 90th percentile. Residuals were relatively healthy last week, with over 500 MW available during all peaks with the exception of one.
In this week's insight we look at the intra-island price separation seen during some periods last week.
Security of Supply and Capacity
Energy
New Zealand hydro storage increased from 130% to 134% of the historic mean last week. North Island hydro storage increased by 5% to 130% of the historic mean for this time of year and South Island storage increased from 131% to 135%.
Capacity
Margins were healthy with residuals over 500 MW for most peaks last week. The lowest residuals occurred on 13 November due to low wind generation and high demand peaks. Residual generation on this day was 478 MW at the morning peak and 518 MW in the evening.
The N-1-G margins in the NZGB forecast are healthy for November and December. Within seven days we monitor these more closely through the market schedules. The latest NZGB report is available on the NZGB website.
Electricity Market Commentary
Weekly Demand
Total weekly demand remains in line with previous years and increased by just 1 GWh to 724 GWh last week. Demand peaked at 5,200 MW at 8am Thursday 14 November.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu decreased to $48/MWh from $50/MWh the week prior, and Invercargill decreased from $36/MWh to $33/MWh. Wholesale prices peaked at Ōtāhuhu at 8am Wednesday 13 November at $227/MWh during low wind generation.
There was a continuation of price separation (both inter-island and intra-island) at times throughout the week during periods of high northward transfer along the HVDC and congestion through the middle of the North Island. Consequently there was an increase in AC transmission losses which increased the spot prices in the upper North Island. The insight this week provides more detail about how intra-island price separation can arise, and how it differs to inter-island price separation.
Generation Mix
The average renewable percentage for the week remained at 96%. Wind generation decreased by 2% to 9% of the generation mix, geothermal contributed 21%, and hydro increased by 1% to 66% of the generation mix. Thermal generation continued to remain low at just 2% of the mix due to high hydro generation and Huntly 5 remaining on outage until the end of November.
HVDC
HVDC flow was entirely northward last week with 90 GWh sent north. High northward HVDC transfer was due to high South Island hydro generation and slightly reduced North Island wind generation compared to the previous week.
System Operator Consultations
We have just released consultations on the 2025 Security of Supply Assessment: Reference Case Assumptions and Sensitivities, and our remaining 2024 Credible Event Reviews.
The documents are available on the System Operator Consultations page of our website and we invite feedback on these by 5:00pm 9 December 2024.