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 decreased to 146% of the historic mean last week, but remains at nominal maximum capacity.
This week’s insight looks at the year to date; the highs and lows of peak demand,prices, and generation contributions by fuel type.
Security of Supply and Capacity
Energy
National hydro storage decreased from a historic high for this time of year at 149% to now sitting at 146% of the historic mean. South Island hydro storage decreased from 150% to 147% of the historic mean, while North Island storage increased from 137% to 141%.
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 Thursday morning peak at 869 MW.
The N-1-G margins in the NZGB forecast are healthy through to early 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 demand last week decreased to 742 GWh from 762 GWh the week before, and was in line with previous demand levels of the past few years. The highest demand peak of 5,214 MW occurred at 8:00 am on Wednesday 3 December.
Weekly Prices
Average wholesale spot prices decreased last week in line with high hydro storage and inflows. The average wholesale electricity spot price at Ōtāhuhu last week was $8/MWh, down from $54/MWh the week prior. Wholesale prices peaked at $98/MWh at Ōtāhuhu at 4:00 pm on Wednesday 3 December. There were several occurrences of price separation throughout the week as HVDC northward flow was limited by binding constraints.
Generation Mix
Wind generation increased to 12% of the generation mix, above its average contribution of 9%. Hydro generation remained well above average at 65% of the mix. Thermal generation remained very low at just 0.8% of the mix, with co-generation also at 1.1% and solar generation exceeding both at 1.3%. The geothermal share increased to 20% of the mix but remains below its average contribution of 23% with multiple geothermal units on planned outage during the week. Total renewable contribution to the mix was 98%, the ninth consecutive week of at least 97% renewable generation.
HVDC
HVDC flow last week was entirely northward with high hydro generation, decreased geothermal generation, and higher demand in the North Island. In total, 66 GWh was transferred north. AC asset outages have reduced transmission capability, causing the northward limit to constrain flows at times.