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
National hydro storage increased significantly last week with levels at 119% of the historic mean for this time of year (from 104% the week prior). Both North Island and South Island storage levels increased to 180% and 114% respectively.
This week's insight looks at the relationship between demand and the recent higher than average temperatures within the last couple weeks.
Security of Supply and Capacity
Energy
National hydro storage has increased to 119% of historic mean at the end of last week from 104% the week prior. South Island storage has increased from 99% to 114% and North Island storage increased from 163% to 180% with greater than average inflows in both islands.
Capacity
Residuals were very healthy last week due to the low demand and high wind generation. The lowest residual of 800 MW occurred during the evening of Wednesday 3 June, which coincided with the highest demand peak of the week.
The N-1-G margins in the NZGB forecast remain healthy, but are trending downwards into winter with tighter spots appearing; we recommend the industry watch these closely. 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 was less than what has been seen in previous years for the same seven day period at 760 GWh due to the warmer than average conditions. The highest demand peak of 5,855 MW occurred at 6:00pm on Wednesday 3 June.
Weekly Prices
The average wholesale electricity spot price at Ōtāhuhu last week decreased to $31/MWh from $98/MWh the week prior due to less than average demand and higher than normal wind generation. Wholesale prices peaked at $131/MWh at
Ōtāhuhu at 4:30pm on Monday 1 June.
Generation Mix
Wind generation increased from 6% to 11% of the generation mix last week, up from its yearly average of 9%. Hydro decreased from 60% to 56% of the mix and thermal generation decreased from 6% to 4% of the generation mix. Geothermal generation increased from 25% to 26%.
HVDC
HVDC flows last week were predominantly northward with very brief periods of southward flow overnight. Overall, 89 GWh was transferred north, while 15 GWh was transferred south during the week.