Yesterday (8 May), wholesale electricity prices in the New South Wales region reached the 7-day cumulative price threshold of $1,490,200.
Under the National Electricity Rules, AEMO applied an administered price cap of $600 per megawatt hour ($/MWh) and floor price of -600 $/MWh from 7:55pm Wednesday 8 May 2024.
Administered price caps will remain until wholesale electricity prices in New South Wales fall below the cumulative price threshold, possibly not until next week.
Despite these high wholesale electricity prices, at present there is sufficient electricity to meet demand in New South Wales and throughout the National Electricity Market.
In the 48 hours leading up to initiating the price cap, a number of major generation units went offline in New South Wales while scheduled maintenance was also taking place on transmission lines.
AEMO has been advised that a number of those units are expected to return to service over the coming week.
Ends…