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Posted: 2024-07-23 14:08:30

In short:

Cold weather in south-eastern Australia has driven demand for electricity to record levels.

The same weather has meant less power generated by wind and hydro, adding to the 23 per cent rise in wholesale electricity prices.

What's next?

The energy market operator says flexible gas-fired power generation, along with batteries and pumped hydro, is important to balance the growth of renewable energy in the grid.

A cold spell across Australia's south-eastern states led to record demand in the national electricity market (NEM) across late autumn and early winter.

The persistently cold temperatures through April, May and June — especially in Victoria — led to more demand for electricity in the morning peak, according to the latest figures from the Australian Energy Market Operator (AEMO).

The weather conditions also saw less wind and rainfall in the southern states, reducing the power output from wind and hydro generators.

The high demand and reduced wind and hydro output combined meant the wholesale spot price for electricity was 23 per cent higher than the same period last year.

Wind power was down 20 per cent, with the three months to June the lowest quarter of wind power generation since 2017.

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