In October, several new renewable generation records and minimum fossil generation records were set as high levels of solar and wind generation coincided with seasonally low spring demand. With the continuing renewable transition, these records were short lived and have since been broken at the beginning of November. Average spot prices were very low in the renewables-heavy states of Victoria and South Australia but were structurally higher in New South Wales and Queensland due to hotter weather and the interconnector between Victoria and New South Wales reaching its limits.
So far in November, there have been significant high wholesale prices in New South Wales and Queensland. Heat waves across these states coincided with transmission and generation outages (both planned and unplanned), pushing both demand and prices up. With the Bureau Of Meteorology predicting a greater than average likelihood of a hot summer to come, electricity consumers responding to price signals by adjusting electricity behaviour during high price periods will be crucial for minimising exposure to high price events.
Electricity price insights
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