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 saw increased inflows into hydro storage lakes with national storage back to well above its average for this time of year at 127%.
In this week's insight we look at the proportion of generation from renewable sources and the contribution of new generation over the last few years.
Security of Supply and Capacity
Energy
National hydro storage increased to 127% of the historic mean from 113% the week prior. South Island storage increased from 119% to 135% and North Island storage increased from 60% to 72%.
Capacity
Residuals last week were healthy with the lowest residual of 711 MW occurring during the morning of Monday 24 August, coinciding with a drop in NI wind and the largest demand peak of the week.
The N-1-G margins in the NZGB forecast are increasing as we head into spring with healthy levels through to the end of October. 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 810 GWh last week from 859 GWh the week prior. The highest demand peak occurred at 7:30 am on Monday 24 August at 6,302 MW.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu decreased from $95/MWh in the previous week to $43/MWh last week. Prices peaked at $189/MWh at 7:30am on Monday 24 August, coinciding with the highest demand peak.
Inter-island price separation occurred frequently last week with high HVDC transfer rates. The largest separation on Thursday 27 August coincided with relatively high wind generation in the South Island and low wind in the North.
Generation Mix
Renewable generation was above average last week. Wind generation contributed 15% of the generation mix, above its 10% annual average, and hydro generation contributed 60%. Geothermal contributed 24% and the thermal contribution was minimal at 1%.
HVDC
HVDC flows last week were entirely northward. Overall, 110 GWh was transferred north.