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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MO Latest Update.pdf
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Current Storage Positions
Overview
National hydro storage has seen a slight increase this week, now sitting just above the 10th percentile at 83% of the historic mean for this time of year. Last week's demand was 13 GWh lower than the week prior due to public holidays.
In this week's insight we look at the potential future pipeline of Battery Energy Storage Systems (BESS) in Aotearoa.
Security of Supply and Capacity
Energy
New Zealand hydro storage increased to 83% of the historic mean this week, up from 82% the week prior. South Island hydro storage remained at 83%, and North Island storage increased from 74% to 76% of the historic mean for this time of year due to some rainfall in storage catchments. National storage is now sitting just above the 10th percentile for the first time since early March this year.
Capacity
National capacity margins were healthy last week, with over 1,500 MW of residual available during all peaks. This is due to high thermal unit commitment for this time of year as hydro storage remains below average. The lowest residual was 1,548 MW on the evening of Tuesday 22 April.
The N-1-G margins in the NZGB forecast are healthy through to mid/late June. 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 by 13 GWh to 705 GWh last week. This was due to lower demand during the Easter and ANZAC day long weekends and the school holiday period. Demand peaked at 5,429 MW at 6:00pm on Wednesday 23 April.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu last week increased to $302/MWh from $287/MWh the week prior. Wholesale prices at Ōtāhuhu peaked at $472/MWh on Monday 21 April at 5:30pm, after the tripping of a North Island generator.
Generation Mix
Wind generation was below average last week at 7% of the mix, down from 13% the week prior. Hydro generation increased to 47% from 44% the week prior. The contribution of thermal generation remains above average and increased from 17% to 18% of the mix this week. Geothermal generation increased slightly to 25% of the mix this week from 24% the week prior.
HVDC
HVDC flow was predominantly southward last week as hydro generation remains below average. There were some periods of significant northward transfer coinciding with periods of low North Island wind generation. In total, ~20 GWh was sent south and ~10 GWh was sent north.
Consultations and publications
We published our summary and decision on the SOSFIP Review Issues Paper on our website last week, along with submissions and cross submissions.
Our Ancillary Services Procurement Plan review consultation is open for submissions which are due by 5:00pm Thursday 8 May.
Under-Frequency Event
An under-frequency event occurred in the North Island on Monday 21 April at 4:43pm. A Customer Advice Notice (CAN) was issued regarding this.