A fundamental requirement of competitive and efficient electricity markets is access to reliable data and performance metrics.
This Electricity Market Information website (EMI) is the Electricity Authority's avenue for publishing data, market performance metrics, and analytical tools to facilitate effective decision-making within the New Zealand electricity industry.
Open interest in maturing 2019 contracts reached 3,331 GWh on 31 December 2018. This level was almost identical to the level reached in maturing 2018 contracts at 3,329 GWh at 31 December 2017. Check out the trade volume and open interest in exchange-traded base-load futures products for each maturity year for more insights into the evolution of the market for exchange-traded hedge instruments.
Inflows into controlled storage have been low by historical measures since the start of September. These lower inflows coupled with reduced gas availability have resulted in hydro storage being drawn down to historically low levels for this time of year. The system operator also adjusted the treatment of Tekapo summer contingent storage (denoted as 1 October – 31 March) so that from 29 August 2018 it is excluded from the HRC framework. This change removes 220GWh from controlled storage over summer for New Zealand and the South Island. The change has brought the treatment of Tekapo contingent storage into line with the treatment of other contingent storage and the SoSFIP. Each update to the 2019 HRCs is presented in a public dashboard on EMI. Official curves and more information on security of supply forecasting is available on the system operator's website.
Wholesale prices remain high due to tight supply following a sustained period of lower inflows, below average storage, and restricted gas availability. Prices peaked at a daily average $545.70/MWh on 23 October, the highest daily average since 26 March 2011 where they reached $590.09/MWh after being administered. Average demand weighted prices for the month of October were $301.64/WWh.
The chart below shows offers for a thermal generator where the length of the bars (offers) are reduced during part of the day - potentially a result of reduced fuel availability. In this example, we show offers and cleared energy from Stratford on 17 October. Using new EMI features, I've published several public dashboards that always show offer stacks for the last seven days for selected thermal plant. You can use these new features to share your dashboard with a colleague or make it available to everyone. Following a shared or public dashboard promotes it to your following list accessible via 'My dashboards' on the main menu. Make sure you click 'grid view' at the top of the page to see the report instances displayed as a set.