Table 2: Reasons for variations between forecast and actual prices Availability Demand Network Combination % of total above forecast 4 34 0 7 % of total below forecast 36 15 0 4 Note: Due to rounding, the total may not be 100 per cent. Generation and bidding patterns The AER reviews generator bidding as part of its market monitoring to better understand the drivers behind price variations. Figure 3 to Figure 7 show the total generation dispatched and the amounts of capacity offered within certain price bands for each 30 minute trading interval in each region. Figure 3: Queensland generation and bidding patterns Figure 4: New South Wales generation and bidding patterns Figure 5: Victoria generation and bidding patterns Figure 6: South Australia generation and bidding patterns Figure 7: Tasmania generation and bidding patterns Frequency control ancillary services markets Frequency control ancillary services (FCAS) are required to maintain the frequency of the power system within the frequency operating standards. Raise and lower regulation services are used to address small fluctuations in frequency, while raise and lower contingency services are used to address larger frequency deviations. There are six contingency services: fast services, which arrest a frequency deviation within the first 6 seconds of a contingent event (raise and lower 6 second) slow services, which stabilise frequency deviations within 60 seconds of the event (raise and lower 60 second) delayed services, return the frequency to the normal operating band within 5 minutes (raise and lower 5 minute) at which time the five minute dispatch process will take effect. The Electricity Rules stipulate that generators pay for raise contingency services and customers pay for lower contingency services. Regulation services are paid for on a “causer pays” basis determined every four weeks by AEMO.
Table 2: Reasons for variations between forecast and actual prices Availability Demand Network Combination % of total above forecast 4 34 0 7 % of total below forecast 36 15 0 4 Note: Due to rounding, the total may not be 100 per cent. Generation and bidding patterns The AER reviews generator bidding as part of its market monitoring to better understand the drivers behind price variations. Figure 3 to Figure 7 show the total generation dispatched and the amounts of capacity offered within certain price bands for each 30 minute trading interval in each region. Figure 3: Queensland generation and bidding patterns Figure 4: New South Wales generation and bidding patterns Figure 5: Victoria generation and bidding patterns Figure 6: South Australia generation and bidding patterns Figure 7: Tasmania generation and bidding patterns Frequency control ancillary services markets Frequency control ancillary services (FCAS) are required to maintain the frequency of the power system within the frequency operating standards. Raise and lower regulation services are used to address small fluctuations in frequency, while raise and lower contingency services are used to address larger frequency deviations. There are six contingency services: fast services, which arrest a frequency deviation within the first 6 seconds of a contingent event (raise and lower 6 second) slow services, which stabilise frequency deviations within 60 seconds of the event (raise and lower 60 second) delayed services, return the frequency to the normal operating band within 5 minutes (raise and lower 5 minute) at which time the five minute dispatch process will take effect. The Electricity Rules stipulate that generators pay for raise contingency services and customers pay for lower contingency services. Regulation services are paid for on a “causer pays” basis determined every four weeks by AEMO.