Feb-24 Spot Market Report

Feb-24 Spot Market Report

Summer finally arrived for the southern NEM states, forcing Victorian transmission lines to topple on 13 Feb and when combined with the extreme heat, resulted in significant price volatility. The FCAS market in SA also experienced volatility on 13 Feb, racking up more than $6m in costs.

This part of our Monthly Report concentrates on spot prices in the wholesale electricity and gas markets. The Highlights section of the report draws out the key movements and events, while the second half of the report presents the charts and tables so you can delve into the data and have a play.

1.0 Highlights

This section summarises the key spot market outcomes for the month.

1.1 Spot Market Insights

Violent storms in Victoria downed major transmission towers on 13 Feb causing a sudden loss in load of around 1,000MW and a drop in grid frequency which led to the tripping of all four units at the 2,210MW Loy Yang A Power Station, and Load Shedding Direction from AEMO resulting in loss of power for some 530,000 customers. a further 90,000 customers were impacted by distribution outages.

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