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
Last week demand was moderate compared to the frequent record-breaking demand peaks seen in recent weeks. Total demand nationwide was 10% less than the week prior and healthy residuals were maintained throughout the week.
In this week's insight we discuss the interactions between HVDC transfer, hydro and thermal generation, and price separation.
Security of Supply and Capacity
Energy
National hydro storage continued to decrease but remains above the historic mean at 120%. South Island storage decreased from 130% to 125% and North Island storage decreased from 87% to 80%.
Capacity
Residuals last week were healthier than in recent weeks with the lowest residual of 418 MW occurring during the evening of Wednesday 12 August.
The N-1-G margins in the NZGB forecast show tighter spots continuing as we are now in winter; we recommend the industry watch these closely. 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 decreased to 843 GWh last week from 930 GWh the week prior. The highest demand peak occurred at 7:30 am on Tuesday 11 August at 6,551 MW.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu last week decreased from $140/MWh the week prior to $77/MWh. Wholesale prices peaked at $209/MWh at Ōtāhuhu at 6:00 pm on Wednesday 12 August during the lowest residual period for the week.
There was some price separation between the North and South Island, particularly during the start of the week. The reserve price separation was highest at Monday 10 August 9:00 pm.
Generation Mix
Wind generation remained at 8% of the generation mix last week. Hydro generation contributed 63%, above its yearly average of 60%. Thermal generation decreased to 2% of the mix. Geothermal generation contributed 24% last week.
HVDC
HVDC flows last week were almost entirely northward. Overall, 111 GWh was transferred north. There was a brief period of southward flow in the early hours of Sunday 16 August.