AEMO’s new Quarterly Energy Dynamics report covers the year’s second quarter (Q2) from 1 April to 30 June.
- the unprecedented price rises in the National Electricity Market (NEM), east coast gas markets and their drivers
- market interventions in June to maintain power system reliability and security
- a new maximum demand record in Queensland
- changes in the NEM supply mix
- the drivers for Western Australia’s Wholesale Electricity Market Balancing Price reaching a 4-year high.
Q2 was an unparalleled period for Australia's energy markets, with wholesale electricity spot prices averaging $264/MWh in the NEM, up by $177/MWh on Q1.
These high prices triggered the application of administered price caps, first in the gas markets and then in the NEM.
Reductions in generation offered in the NEM led to reserve shortfalls requiring extensive AEMO intervention to maintain reliability. This led to suspension of the spot market in all regions between 15 and 24 June.
AEMO noted the quarter has been complex and challenging, underscoring the need to accelerate the transition to the cheapest form of reliable electricity.