The electricity market this month
Finlay Macdonald-Stack, Portfolio Trader, Trading Operations
The market was less volatile across the NEM in February with a reduction in demand from January levels. More generation from wind and solar helped bring average prices down. However, as the hottest summer on record, temperatures were well above long-term averages and average prices were still elevated. QLD experienced severe storms but continues to be the least volatile state, supplying the south for large parts of the month. Unplanned baseload outages continue to affect the NEM, however as demand falls, there is less impact on price compared to January.
19 February: Origin has entered into an agreement to sell its Ironbark project to Australia Pacific LNG for $231 million.
26 February: Origin has signed an agreement with GB Energy to purchase all natural gas produced from GB Energy’s Golden Beach field, in the offshore Gippsland Basin. Origin has also entered into a foundation storage contract if GB Energy transitions the reservoir into an underground storage facility after production.
15 February: Shell acquires German battery maker Sonnen to grow its New Energies business.6 The acquisition is expected to strengthen the company’s product offering in the areas of electric vehicle charging, household batteries and virtual power plants. Its Asia-Pacific headquarters are located in SA’s former Holden facility in Elizabeth.
25 February: Wind technology company Vestas will build WA’s largest wind farm. The 41 wind turbines will supply Alinta Energy with 214 MW of energy to supply 200,000 households a year.7
27 February: Gelion launches its Gelion Endure battery storage platform as part of a commercial deal with Sydney University. The technology uses zinc bromide chemistry, claiming a cheaper, safer and more sustainable alternative to lithium-ion.