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
|
MO Latest Update.pdf
(PDF 4.54 MB)
|
Current Storage Positions
Overview
National hydro storage remains above the 90th percentile, decreasing by two percentage points to 132% of the historic mean for this time of year. Residuals were healthy last week with over 900 MW available during all peaks.
In this week's insight we look at how much solar energy is needed to power Santa's workshop if Santa couldn't make it to New Zealand.
Security of Supply and Capacity
Energy
New Zealand hydro storage reduced from 134% to 132% of the historic mean last week. South Island hydro storage also decreased from 135% to 132% and North Island storage remained steady at 131% of the historic mean. The December update to the Electricity Risk Curves and Simulated Storage Trajectories (ERCs & SSTs) was published on 23 December on our website and can be accessed here.
Capacity
National residual margins were healthy for all of last week. The lowest residual was 903 MW during the evening peak on 16 December.
The N-1-G margins in the NZGB forecast are healthy for January and February. 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 decreased from 761 GWh to 723 GWh in line with the reduced demand in the holiday period. Demand peaked at 5,287 MW at 5:30pm on Monday 16 December.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu decreased from $64/MWh the week prior to $32/MWh. Wholesale prices peaked at Ōtāhuhu last week at $250/MWh on Monday 16 December at 5pm. This was during a period of price separation due to the HVDC setting the risk leading to increased reserve prices.
Generation Mix
The average renewable percentage last week increased by one percentage point to 98%. Hydro contribution decreased from 62% to 61% of the mix. Wind generation remained at 12% of the total and geothermal remained at 23%. Thermal generation remained very low and dropped by one percentage point to 1% of the total generation.
HVDC
HVDC flow last week was predominantly northward with 86 GWh sent north and less than 1 GWh sent south. Periods of southward transfer coincided with overnight periods of low demand and high North Island wind generation.
Under Frequency Event
An under frequency event occurred on Saturday 21 December at 2:45pm. See the Customer Advice Notice (CAN) for more information.