The Australian Energy Regulator (AER) is required to monitor and report on events and causes that result in wholesale electricity spot prices in the market exceeding $5000 per megawatt hour.
The wholesale electricity spot price in Queensland exceeded $5000/MWh on one occasion on Friday 13 January reaching $13 883/MWh at 5 pm and on four occasions on Saturday 14 January reaching $12 642/MWh, $8595/MWh, $9126/MWh and $10 417/MWh at 4.30 pm, 5 pm, 5.30 pm and 7 pm respectively.
The AER’s role in monitoring wholesale energy markets and reporting on high price events plays an important role in promoting market transparency and confidence. We draw on this work to advise the COAG Energy Council, other stakeholders and market bodies on wholesale market issues. Our analysis also provides a foundation to detect non-compliance, market irregularities, inefficiencies and consumer harm.
We expect to publish the reports within 40 business days, by 14 March 2017 on the AER’s website.
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In addition to reporting on these price events, the AER will shortly be publishing reports on the following previous high price events:
| Event | Expected publication date |
|---|---|
| FCAS $5000/MW – 18 October 2016 | March 2017 |
| FCAS $5000/MW – 9 November 2016 | March 2017 |
| FCAS $5000/MW – 25 November 2016 | March 2017 |
| Energy $5000/MWh – 1 December 2016 12.16 am | 2 February 2017 |
| Energy $5000/MWh – 1 December 2016 10.30 am | 2 February 2017 |