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
New Zealand hydro storage decreased to around average sitting at 107% of the historic mean last week, with renewable generation dipping slightly but remaining relatively high at 93% of the mix. The average wholesale price increased last week in line with declining hydro storage.
This week’s insight looks at the impacts of Ruakākā BESS on the energy and reserve markets.
Security of Supply and Capacity
Energy
National hydro storage has decreased by two percentage points to 107% of the historic mean at the end of last week. South Island hydro storage decreased from 103% to 101% of the historic mean, and North Island storage decreased from 180% to 175%.
Capacity
Residuals remain relatively healthy with the lowest residual of 812 MW occurring during the morning of Monday 9 March.
The N-1-G margins in the NZGB forecast are healthy through to the end of April. 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 increased from 732 GWh to 740 GWh for the week and is in line with average demand at this time of year over the past three years. The highest demand peak of 5,306 MW occurred at 8:00am on Thursday 12 March.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu continued to increase last week, reaching an average price of $145/MWh (from $97/MWh the week prior). This is in line with increased demand, reduced geothermal generation and declining hydro storage. Wholesale prices peaked at $229/MWh at Ōtāhuhu at 1:00pm on Friday 13 March during a period of low wind generation.
Generation Mix
Wind generation was low last week, dropping to 7% of the mix, three percentage points lower than historic averages. Hydro generation increased to 62% of the mix, from 59% the week prior. Thermal generation increased to 5% of the mix, still below its yearly average of 8% of the mix. The geothermal share decreased to 23% of the mix from 25% the week prior, and solar contributed 1% to the generation mix.
HVDC
HVDC flow last week was predominantly northward with the exception of some brief periods of overnight low southward flow. These periods coincided with periods of high wind generation and lower North Island demand. In total, 104 GWh was transferred north and just 7 GWh was transferred south.
Surveys and Engagement
We have opened our Annual System Operator Participant Survey to provide an opportunity for participants to set out their expectations and help us understand how we are performing the System Operator service. If you have not received the survey but would like to have your say, you can complete it here.