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 increased to 142% of the historic mean last week and continues to sit above the 90th percentile. This is the second highest storage for this time of year on record, behind only 1983.
This week’s insight looks at historic trends in evolving branch flows in Northland with the uptake in grid-scale solar farms.
Security of Supply and Capacity
Energy
National hydro storage increased by 5% to 142% of the historic mean. South Island hydro storage increased from 138% to 143% of the historic mean while North Island storage increased from 133% to 138%.
Capacity
Residuals were mostly healthy with at least 800 MW of residual across all peaks last week. The lowest residual period for the week was the Wednesday evening peak at 802 MW.
The N-1-G margins in the NZGB forecast are healthy through to mid-January. 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 737 GWh the week prior to 750 GWh and was higher than weekly demand levels observed over the past three years. The highest demand peak of 5,304 MW occurred at 5:30 pm on Tuesday 18 November.
Weekly Prices
Average wholesale spot prices decreased last week in line with high hydrology and inflows. The average wholesale electricity spot price at Ōtāhuhu last week was $67/MWh, down from $72/MWh the week prior. Wholesale prices peaked at $256/MWh at Ōtāhuhu at 3:00 pm on Tuesday 18 November, during maximum northward HVDC flow.
Generation Mix
Wind generation decreased to 7% of the generation mix, below its average contribution of 9%. Hydro generation was above average and increased to 72% of the mix, from 68% the week prior. Thermal generation decreased to just 1% of the mix from 2% the week prior. The geothermal share remained at 17% of the mix — well below its average contribution of 23% — with multiple geothermal units on planned outage during the week. Total renewable contribution to the mix was 97% for the seventh week in a row.
HVDC
HVDC flow last week was entirely northward with high hydro generation, decreased geothermal generation, and higher demand in the North Island. In total, 86 GWh was transferred north. AC asset outages have reduced physical capacity, causing the northward limit to constrain flows at times.
Consultations
Consultation on the Security of Supply Assessment (SOSA) reference case assumptions and sensitivities has now closed. We have published the five received submissions on the consultation page. A reminder to those who have not responded to our Security of Supply Assessment (SOSA) request for information to please do so.