Electricity price insights
From February to March, average spot prices fell in South Australia and Tasmania, while remaining steady in Queensland, New South Wales, and Victoria. Tasmania had the highest average price across all states at $100.04/MWh, as another month of below-average rainfall continued to put pressure on hydro generation volumes. During the month, Tasmania imported energy from Victoria across Basslink 86% of the time, compared to 90% in February. In March, 40.4% of all electricity generated across the NEM came from renewable sources, compared to 44.3% in February.
Cyclone Alfred
The highly anticipated landfall of Tropical Cyclone Alfred occurred early in the month. The cyclone brought significant winds and rainfall, and at its peak, more than 300,000 properties were left without power due to fallen distribution lines. Fortunately, the cyclone’s impacts were less severe than expected, partly due to the delayed landfall. The impact on electricity prices was limited, as high-voltage transmission and generation were largely unaffected, and average demand remained consistent with previous weeks. Rainfall in Queensland was more than twice the monthly average, which impacted solar generation – reducing it by 26% compared to February.
Temperature records broken
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