Carl Daley - EnergyByte

July 2025 Spot Market Report

July 2025 spot market conditions reflected strong pricing in SA and TAS, and more moderate pricing in the other Regions. SA also dominated FCAS costs for the month which were the highest SA FCAS costs since Nov-22, and the second highest in SA’s history. Gas markets operated within normal ranges.

12 min read Aug 18, 2025

Market Report paid

Jul-25 Generation Report

Heather Wang, Eric Chan, Carl Daley

In July, capacity increased by 215MW, Generator Weighted Average prices declined along with Time Weighted Averages, VRE curtailment rates increased, and batteries provided crucial grid stability. VIC remained the dominant energy exporter while Snowy storages are the lowest in 5-years.

14 min read Aug 8, 2025

Market Report paid

July-25 Financial Market Report

Carl Daley, Eric Chan

The Q3-25 quarter spot prices have struggled to meet forward price expectations leading to a softening of the current quarter forward price and all future periods. However, the quarter is not yet finished, and there is time for a recovery.

7 min read Aug 7, 2025

Market Report paid

June 2025 Spot Market Report

Carl Daley, Eric Chan

June 2025 caused a strong finish to the financial year with extreme volatility across the NEM, although QLD’s impact was tempered by interconnector constraints. Power plant outages were a big driver on spot price outcomes. Gas prices were also elevated during critical days.

17 min read Jul 23, 2025

Market public

Portfolio Optimisation Science

Carl Daley

For any market participant, large consumer or trading house with exposure to the spot price and financial market, it is challenging to develop optimal risk-adjusted trading or hedging strategies. Based on our many years of experience, we have developed a rewarding and effective approach.

6 min read Jul 16, 2025

Market Report paid

Jun-25 Generation Report

Heather Wang, Eric Chan, Carl Daley

Generation capacity grew by 1,172MW. Extreme price events lifted wind and solar GWA prices, though farms couldn't fully capitalise on these events, resulting in larger discounts to TWA prices. The curtailment rate for solar and wind rose in most regions. TAS net imports from VIC hit a 15-year high.

13 min read Jul 4, 2025

Market public

June 2025 Reflections

Carl Daley

The Q2-25 forward price gradually declined well below pre-quarter expectations given the softer spot outcomes. This affected the sentiment for all future quarters causing expectations and forward prices to soften. However, before the quarter ended, the stars aligned and June gripped with vengeance.

8 min read Jul 3, 2025

Market public

Thu 26th June 2025 Event

Carl Daley

Last night delivered severe market price conditions. Triple ‘C ‘Day weather conditions (cold, calm, cloudy) eliminated wind generation and drive peak heating demand. This event shifts market price perceptions as well as being both a warning and a roadmap, for building a more resilient energy future.

10 min read Jun 27, 2025

Events public

Thu 12th June 2025 Recap

Carl Daley, Eric Chan

Last week on Thursday 12 June-25, was the single biggest price event in the market’s history and so we have reflected on what happened, why and what are the key insights?

20 min read Jun 17, 2025

Market Report paid

May-25 Spot Market Report

Jay Ros, Eric Chan, Carl Daley

NSW had the strongest average spot price for the NEM in May. Across the NEM prices were correlated with wind generation, with periods of high wind, crushing spot prices, and low wind combined with cold weather pushing up prices. Gas spot prices softened in line with the ACCC netback price.

13 min read Jun 16, 2025

public

Triple 'C' Day resets Q2-25 and beyond

Carl Daley

The extreme price events driven by yesterday’s Triple ‘C’ Day have now reset price expectations and the perception of risk for the remainder of the quarter and beyond.

3 min read Jun 12, 2025

Market Report paid

May-25 Financial Market Report

Carl Daley

So far Q2-25 spot electricity prices are following the footsteps of Q1-25, by not living up to expectations set prior to the commencement of the quarter. May-25 trades volumes were high as is normally the case, but less than May-24 levels. LGC prices strengthened and VEEC fell markedly.

7 min read Jun 3, 2025