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Weekly Update sent on 27 July 2022
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Latest Full report available here

Summary

Security of Supply

National hydro storage increased by 20% to 109% of the historical average for this time of year. North Island hydro storage decreased to 151% of the historical average. However, South Island storage increased to 105% of the historical average for this time of year due to a week of high inflows.

Pohokura production has increased and has regularly been producing in excess of 100TJ/day for the last few days.

Weekly Demand

National demand has increased to 858 GWh, 18 GWh higher than the previous week. Demand peaked at 6,636 MW on Thursday 21 July at 6:00pm during a cold period. Thursday's demand peak was corresponded by exceptionally high prices as discussed below. Demand peaks were consistently high with nine out of 14 peak periods over the week exceeding 6,200 MW, including Sunday evening.

Generation Mix

The contribution of renewable to the generation mix increased again this week by 3% to 89%. This is roughly on par with the renewable generation percentage at this time of year in 2019, and higher than the last two years. It included hydro generation, which increased to 65% of the generation mix, and wind generation, which comprised 6% of the total generation mix. Wind generation was particularly high on Monday, Tuesday and overnight Wednesday before excessive windspeeds caused wind generation to drop away in some places.

Weekly Prices

Average prices decreased from the week prior. At Haywards, prices decreased by 44% from $111/MWh to $62/MWh. Prices averaged $161/MWh the week before, showing a continuing trend. Periods of low prices continue to be observed when wind generation is high. 

Prices peaked at $1,576/MWh on Thursday 21 July at 5:30 pm, when wind generation fell off the system (some due to overspeed) as well as the weeks largest peak.

Reserve prices had a handful of significant peaks throughout the week. The highest reserve price peak occurred on Tuesday the 19th at 5:30 pm when North Island Sustained Instantaneous Reserve (NI SIR) cost reached $574/MWh. This corresponded with a similar peak in the energy price of $331/MWh at Haywards.

HVDC

In contrast to the previous week, HVDC transfer was almost entirely Northwards except for the early hours of Monday morning. Northward HVDC transfer peaked at 672 MW on Thursday 21 July at 10:30 pm.

 

Go to Security of Supply web page

Next Report

The next scheduled Market Operations weekly report is due Tuesday 2 August 2022.

Transpower Website

If you have any queries, please email system.operator@transpower.co.nz.
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