Oct-21 Energy Market News

Battery storage grew by 490MWh in May, with the addition of two new large-scale batteries in SA. QLD batteries outperformed other BESS of the NEM, amassing $6.3m in revenue. Renewable generation levels for May surged thanks to clearer weather, growing solar capacity, and record high wind generation.

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.

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.