Cold weather and low VRE generation contributed to extreme prices early in August. This was followed by unusually warm temperatures, softening demand, falling gas consumption and softer spot prices driven by record levels of renewable generation.
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1.0 Highlights
This section summarises the key spot market outcomes for the month.
1.1 Spot Market Insights
August began with a perfect storm which saw cold temperatures across the NEM drive high demand at a time of very low wind generation, resulting in extreme price outcomes for all regions on 5 August. We have labelled this 'Triple C Days' where Cold, Cloudy and Calm conditions apply.
Across the month, temperatures steadily rose along with renewable generation, resulting in falling gas-powered generation, and falling electricity and gas spot prices.
The average year-to-date electricity price increased for all regions in August with average prices closer to $150/MWh compared to year-to-date prices which are closer to $100/MWh.
