September saw a dip in spot prices to levels not seen since spring 2023, with average spot prices at their lowest since the year began. Where August saw extreme price volatility leading to the highest ever daily average price, September saw a record number of negatively priced intervals. Low demand due to reduced heating demand, along with renewable generation availability were the key drivers.
Electricity price insights
The most significant event for the month occurred in South Australia on the 23rd of September. Low wind conditions combined with a constrained SA-VIC interconnector (which limits the amount of power that can be shared between South Australia and Victoria) resulted in low availability of supply and price volatility in South Australia. Electricity spot prices in the South Australia hovered around $10,000/MWh for 2 hours in the evening. This low level of supply had been forewarned by the Australian Energy Market Operator (AEMO), who forecasted Lack of Reserve conditions in the region earlier in the day.
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