Market Update August 2022

Below is a lite version of our monthly carbon & energy market update.

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• Continued global fuel price pressure combined with domestic gas supply tightness kept both electricity and gas pricing at record wholesale highs with some relief in late July.
• Wholesale Energy and Gas prices across the NEM averaged over $360/MWh and $40/GJ, respectively.
• AEMC is considering a rule change request to raise cap prices from $300/MWh to $600/MWh.
• LNG netback prices saw the largest monthly jump on record by a staggering $21/GJ from $28/GJ to $49/GJ this month.
• The ACCCs gas supply inquiry report indicates that there will be an east coast demand shortfall in 2023 by 56 PJ if all the excess gas of LNG exporters continues to be sold overseas.
• Flat Futures for CY2023 remain at highly elevated levels, falling by 1% overall during July.
• STCs remain just below their Cap price of $40/certificate at $39.95/certificate as the clearing house deficit persists.

• ACCU’s fell by 20% down to $28/certificate, with an increasing premium seen for HIR over generics due to their project methodologies.

Feature 1: AEMO triggers Gas Supply Guarantee

On July 19th AEMO activated the Gas Supply Guarantee mechanism to secure additional gas supplies for electricity generation in the NEM…

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Feature 2: Hornsdale Power Reserve (HPR) given approval to deliver inertia services to Australia’s electricity market

Inertia in power systems refers to the energy stored in large rotating generators (or motors) which gives them a tendency to remain rotating…

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Upcoming Event: Industrial Net Zero Conference 2022

Renewable Energy Hub are proud supporting partners of Industrial Net Zero Conference 2022 taking place in Sydney from 30 August to 1 September 2022.

Join our Head of Market Development and Strategy, Abhi Nithyanand in a panel discussion about the kind of policies that would make net zero by 2050 possible.

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