Australian gas-fired power output down 41% in Q1
Australia's gas-fired power generation dropped 41% year/year in the three months ending March 31 (Q1) to 1.12 GW owing to high gas prices and increased renewable energy demand, the Australian Energy Market Operator (AEMO) said in its quarterly report published on April 28.
“Few periods of extreme heat, combined with low NEM [National Electricity Market] price volatility, and increased renewable energy output resulted in diminished demand for gas-powered generation, representing the lowest quarter since 2005,” AEMO said
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Spot wholesale power prices fell to the lowest Q1 levels since 2012. The largest price reductions occurred in Victoria, falling from A$79 ($61.5)/MWh in Q1 2020 to $25/MWh in Q1 2021.
Low average spot prices also occurred in other NEM regions; New South Wales declined from A$86/MWh in Q1 2020 to average $38/MWh in Q1 2021, while Queensland averaged $43/MWh, AEMO said.