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 has dropped further to 90% of the mean for this time of year. South Island storage is below the mean for this time of year and North Island storage has dropped but is still above the historic mean. Total demand has returned to levels seen in previous years after milder temperatures the week prior.
In this week's insight we look at the generation mix during the top 10 demand periods of all time in New Zealand.
Security of Supply and Capacity
Energy
New Zealand hydro storage dropped from 94% to 90% of the mean for this time of year. South Island hydro storage dropped from 88% to 85% while North Island storage decreased from 140% to 129%.
Capacity
Capacity margins were mostly healthy with some lower points throughout the week in line with the return to colder weather (from the milder week prior). The lowest residual point occurred on the evening of 5 August at 320 MW.
The N-1-G margins in the NZGB forecast are healthy through to the start 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 increased and returned to similar levels as seen in previous years at 884 GWh last week from 843 GWh the week prior. The highest demand peak was 6,888 MW at 6:00pm on Monday 4 August.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu last week increased to $161/MWh from $126/MWh the week prior. Wholesale prices peaked at $332/MWh at Ōtāhuhu at 5:30pm on Wednesday 6 August.
Generation Mix
Hydro generation contribution decreased from 62% to 59% of the generation mix last week. Wind generation increased from 8% to 9% of the mix. Thermal generation increased from 6% to 9% in line with increased demand. The geothermal share decreased from 22% to 20%.
HVDC
HVDC flow last week was predominantly northward with overnight periods of southward flow coinciding with periods of lower North Island demand. In total, 33 GWh was sent north and 11 GWh was sent south.
Evolving market resource co-ordination: Tie-breaker provisions consultation
On 24 July, Transpower in its role as System Operator published a consultation asking for feedback on how tie-breaker situations should be resolved for multiple competing generator offers in the wholesale electricity market. See consultation pack here. Submissions are due by 5pm Thursday 14 August, with one week for cross-submissions closing Thursday 21 August.