Millions of dollars burning on electricity tomorrow

The hottest thing in SA and Victoria tomorrow may be electricity prices

With normal hot summer days expected tomorrow price spikes are forecast.

It's not that hot

These are hot, but not unusual days for the capitals — Adelaide is forecast to be 41C, the other capitals are tame: Melbourne 33, Canberra 39 and Sydney 30.  Though small inland cities are baking – like Albury at 44C.

South Australia could burn $36 million an hour

For South Australia tomorrow the AEMO is forecasting the state will need 2,800MW for 2.5 hours at $12,000/MWh. That could be $35m per hour.  Note that forecasts in electricity often vary quite a lot from actuals. Looking at the truckload of cash being offered (from a generators point of view) will presumably bring in some extra supply and lower that price.

Forecast prices for Jan 15th 2019 | AEMO

 

For Victoria, things are even worse

The AEMO is forecasting 9,000MW will be needed at $14,500/MWh for 3 hours. That's $130 million per hour.   Hypothetically, it would be an obscene $390 million dollars just to power the state just from 3 – 6pm. Enough to buy an entire gas fired power plant and have [...]

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