The collapse of the 33-year-old National Electricity Market this week has raised big questions around the management of the energy transition.
The dramatic breakdown of the National Electricity Market this week has inevitably raised big questions about the future of the country’s transition to low-carbon energy.of suspending the NEM in favour of directly controlling the output of power plants, the job of keeping electricity supplies secure had become just too tricky.
Last weekend wholesale prices spent increasingly long periods at the normal spot market limit of $15,100/MWh – a level historically rarely reached except in extreme summer heatwaves – as the grid struggled to meet demand on cold winter evenings.then in NSW late in the afternoon on Monday, swiftly followed by Victoria and South Australia.The price cap stoked a surge in AEMO’s alerts on power shortages as gas plant owners made their generators unavailable to run.
It was having to direct multiple plants to run to avoid blackouts not just in NSW and Queensland but, amid shortfalls, also in Victoria, South Australia and Tasmania. For Calabria and other industry leaders, the immediate focus necessarily has to be on providing reliable and ample power supply for consumers, allowing the AEMO to restore the NEM operation in due course.
“It just highlights that the security and reliability of the existing system continues to be a priority while the energy transition to a low-emission system gets accelerated,” he said.“It just really highlights the need for capacity mechanism to be in place to encourage the investment in the new capacity, and also to consider how capacity may be rewarded for the existing suite of assets.
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