June proved to be a month of extremes for the National Electricity Market (NEM), with two major events on June 12 and June 26 sending the average price for the month soaring. The average price in New South Wales doubled compared to May, while Victoria and South Australia experienced a threefold increase.
Both high-price days were driven by near-identical conditions: extremely cold and still weather across eastern Australia leading to significantly reduced wind generation and higher electricity demand, unplanned outages at major coal generation units in New South Wales and Victoria, and the concentration of market pricing power in the hands of a small number of participants with remaining generation capacity.
12 June: Recording-breaking prices across the NEM
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