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 remained close to historic average last week, sitting at 101% of the mean. South Island storage is still below the mean for this time of year. Demand last week was the highest it has been so far this year.
This week’s insight looks at the average contribution to energy supply over time from different renewable generation types.
Security of Supply and Capacity
Energy
New Zealand hydro storage decreased slightly last week but continues to sit close to historic average for the time of year at 101%. South Island hydro storage remained at 95% while North Island storage decreased from 166% to 153% last week.
Capacity
Capacity margins remained relatively healthy last week with the tightest peak being on the evening of Thursday 17 July when residual generation dropped to 446 MW coinciding with the highest demand peak. Residuals have dropped slightly compared to previous weeks due to colder temperatures.
The N-1-G margins in the NZGB forecast are healthy through to mid September, with moderate margins through to next weekend. 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 to 851 GWh last week from 829 GWh the week prior; this was the highest weekly demand so far this year due to colder temperatures. Although demand was high last week, it remains in line with demand in the last three years at this time of year. The highest demand peak was 6,718 MW, which occurred at 6:00pm on Thursday 17 July.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu last week increased to $95/MWh from $67/MWh the week prior. Wholesale prices peaked at $296/MWh at Ōtāhuhu at 7:30am on Tuesday 15 July.
Generation Mix
Hydro generation increased to 64% of the mix from 63% the week prior; this is significantly higher than its average contribution across the year of 54%. Thermal generation remained at 6% of the mix, which is around half of its average level across the year. Wind generation decreased from 7% to 6% of the mix and geothermal increased from 21% to 22%.
HVDC
HVDC flow last week was predominantly northward with overnight periods of southward flow coinciding with periods of lower demand. In total, 49 GWh was sent north and 10 GWh was sent south.