Aug-24 Spot Market Report

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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.