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 129% of the historic mean last week, and remains above the 90th percentile.
This week’s insight looks closer at the demand over the holiday period and how it compares to previous years.
Security of Supply and Capacity
Energy
National hydro storage increased slightly from 128% to now sitting at 129% of the historic mean. South Island hydro storage increased from 126% to 128% of the historic mean, and North Island storage increased from 141% to 144%.
Capacity
Residuals were healthy with over 1000 MW of residual over all peaks last week, due to significantly lower demand during the holiday. The lowest residual of 1039 MW occurred during the morning peak on Thursday 8 January.
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 712 GWh from 642 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. We go into more detail in this week's insight. The highest demand peak of 5008 MW occurred at 5:30 pm on Thursday 8 January.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu last week was $3/MWh, up from $1/MWh the week prior. Wholesale prices peaked at $20/MWh at Ōtāhuhu at 5:30 pm on Thursday 8 January. Reserve and energy prices have been low in line with high hydro storage and low demand during the holiday period.
Generation Mix
Wind generation was 11% of the generation mix, above the average contribution of 9%. Hydro generation remains above average at 60% of the mix. Solar generation was close to 2% of the mix, reaching an all time record output of 214 MW at 1:00 pm on Thursday 8 January. The geothermal share was 26% of the mix and above its average contribution of 23%. Total renewable contribution to the mix was 99%, the 14th consecutive week of at least 97% renewable generation. Thermal generation was close to 0% of the mix.
HVDC
HVDC flow was predominantly northward last week with high hydro generation, and higher demand in the North Island. In total, 63 GWh was transferred north and less than 1 GWh sent south during some overnight periods with high wind generation.