As I write this, it is 6:30am and the temperature outside is 32.3 degrees Celsius. And we are only at the start of a heatwave here in Melbourne with the next three days continuing 40 degree plus temperatures.
The graph below (from NEMMCO) shows the last 24 hours of demand and market prices in wholesale electricity in Victoria. In the late afternoon demand hit historic highs and prices spiked towards their cap. A price that is usually around $43 per MWh went past $9000. Think of what that means. Yesterday electricity generators in Victoria look like they earned for 30 minutes more revenue than they would earn in a good week at other times of the year.
Actually, they could have but I am guessing that they had long sign contracts that hedged that pricing risk with retailer or otherwise owned retailers. That means those extra revenues, while appearing in the spot market, will not appear on their balance sheets. Unless of course someone made a big mistake.
Also, interesting where the demand spikes around 11pm and 1am. My guess is either that some companies that were told to shut down during the day were allowed to start up again at those times or we have had some outages in the distribution network that were reconnected then. Also, looks like lots of people were up early.