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 was at 127% of the historic mean last week, and continues to sit above the 90th percentile and just above the nominal full level.
This week’s insight looks at the record high renewable share in recent weeks.
Security of Supply and Capacity
Energy
National hydro storage decreased slightly from 129% to 127% of the historic mean. South Island hydro storage decreased from 128% to 125% of the historic mean, and North Island storage increased from 144% to 149%.
Capacity
Residuals were healthy with over 750 MW of residual over all peaks last week. The lowest residual of 761 MW occurred during the evening peak on Wednesday 14 January when wind generation dropped off.
The N-1-G margins in the NZGB forecast are healthy through to early March. 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 increased to 724 GWh from 712 GWh the week before. Lower demand is typical for the beginning of January due to the holiday period and is in line with previous years but increased slightly this week as more people returned to work after the holidays. The highest demand peak of 5,174 MW occurred at 5:30 pm on Thursday 15 January.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu last week was $5/MWh, up from $2/MWh the week prior. Wholesale prices peaked at $186/MWh at Ōtāhuhu at 9:00 am on Wednesday 14 January. There were periods of price separation between the North and South islands on 14 January when wind generation dropped quickly and higher priced thermal generation was dispatched to meet demand in the North Island due to constrained HVDC flow.
Generation Mix
Hydro generation remains above average at 61% of the generation mix and wind generation was at its average contribution level of 9%. Solar generation was 1% of the mix and the geothermal share was 25% of the mix and above its average contribution of 23%. Total renewable contribution to the mix was 96% last week and thermal generation was close to 3% of the mix.
HVDC
HVDC flow was predominantly northward last week with high hydro generation, and higher demand in the North Island. In total, 70 GWh was transferred north and less than 1 GWh sent south during some overnight periods with high wind generation.