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
|
Image
|
|
Current Storage Positions
Overview
New Zealand hydro storage continues to sit above the 90th percentile, just below the nominal full level at 122% of the historic mean last week. This is contributing to consistent high levels of renewable generation to the mix.
This week’s insight looks at the outages causing inter-island price separation over the last few months.
Security of Supply and Capacity
Energy
National hydro storage decreased slightly from 127% to 122% of the historic mean. South Island hydro storage decreased from 125% to 119% of the historic mean, and North Island storage increased from 149% to 154%.
Capacity
Residuals were healthy with over 1000 MW of residual over all peaks except one last week. The lowest residual of 645 MW occurred during the morning peak onThursday 22 January due to a drop in wind generation.
The N-1-G margins in the NZGB forecast are healthy through to mid-March. 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 demand last week decreased to 712 GWh from 724 GWh the week before and was lower than that observed at this time of year since 2023. The highest demand peak of 5,164 MW occurred at 5:30 pm on Wednesday 21 January.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu last week was $3/MWh, decreasing from $11/MWh the week prior. Wholesale prices peaked at $188/MWh at Ōtāhuhu at 9:30 am on Wednesday 21 January. There were periods of price separation between the North and South islands on 20 and 21 January when HVDC northward flow reached its maximum capacity.
Generation Mix
Total renewable contribution to the mix was 98% last week, the 16th consecutive week above 96%. This consisted of hydro generation which remained just above its average at 58% of the generation mix and wind generation above its average contribution level at 13%. Solar generation was 1% of the mix and the geothermal share was 25% of the mix, above its average contribution of 23%. Thermal generation was at 1% of the mix.
HVDC
HVDC flow was predominantly northward last week with high hydro generation, and higher demand in the North Island. In total, 51 GWh was transferred north and less than 2 GWh sent south during some overnight periods with high wind generation.