From Cornwall Insight Australia’s NEM Market Analysis report
With over 700 GWh of rooftop PV added to the NEM since October last year, records were again set in NEM minimum demands along with a high instantaneous renewable penetration within the grid of 71.4%.
Once again, the month’s main story was negatively priced intervals and the increased presence of rooftop solar. There were low average daytime prices (averaging $30/MWh) and a price of -$29/MWh from 10am until 3pm across the NEM. SA, QLD, and VIC had the harshest value, averaging -$47/MWh, -$28/MWh and -$36/MWh, respectively. NSW sat at $-$6/MWh, and TAS was the highest with $20MWh, including heavy imports from VIC throughout solar hours.
Figure 1: Market prices by region | October 2023 vs 2022
Source: NEMWEB, Cornwall Insight Australia
Figure 2: Time-of-day prices | October 2023 vs 2022
Source: NEMWEB, Cornwall Insight Australia
The NEM market analysis by Cornwall Insight Australia is a monthly report containing key market data and analysis as well as important market developments, including energy prices.
