- Yesterday, AEMO announced the suspension of the electricity spot market for all regions in the National Electricity Market (NEM).
- Since suspending the spot market AEMO has been able to manage electricity supply more effectively to meet expected demand, with the cooperation of NEM participants. There have been significant improvements in AEMO’s certainty of generator availability and limitations
- AEMO is completing implementation of changes to reflect directed generation in the relevant electricity reserve forecasts.
- Despite this, challenges remain in the energy sector, with dynamic supply conditions including energy availability limitations and changes, generation offline for maintenance/faults, along with fuel costs and sourcing issues.
- The risk of power shortfalls was averted last night in New South Wales (NSW). AEMO would like to thank industry, the NSW Government and consumers who conserved their usage, where safe to do so.
- Today, AEMO’s forecast for reserve conditions have improved across all NEM regions. Following close coordination with the NSW Government and generators, reserve levels have improved markedly in NSW.
- It’s still too early to say when the market will resume normal operations.
- AEMO, as the national power system and market operator, will continue to monitor the situation and provide further updates should conditions change.
- In the gas markets, the Victoria Declared Wholesale Gas Market (DWGM) remains capped at $40/GJ after reaching the cumulative high price threshold on 30 May.
Please refer to the Lack of Reserve (LOR) fact sheet. Further information regarding market suspension is available on the AEMO website and information regarding the compensation guideline is available here.
ENDS