The NEM average price fell to $26.70/MWh on Sunday, dropping more than 30 per cent below the seven-day average of $63.10/MWh. South Australia recorded a daily average of -$8.30/MWh and the region experienced 25 hours of negative prices, reaching a minimum of -$329/MWh at 14:20 and a maximum of $332/MWh at 02:45. Negative-price hours were widespread across the market, with Victoria recording 21.7 hours and Tasmania 21.2 hours. New South Wales registered the maximum demand peak of 7,960 MW at 19:15. Renewables generated 54.6 per cent of energy across the day, with an instantaneous peak of 80.4 per cent at 10:20, and batteries discharged 17,828 MWh.
Representatives from 190 nations commence negotiations this Monday at the COP31 climate summit hosted by Turkey. The summit aims to establish tangible international advancements in climate policy and global emissions targets. Global temperatures continue to rise. The negotiations follow disputes regarding the hosting of the event and will address the impacts of fossil fuel-driven weather patterns. The United States is not participating in the summit. The talks will focus on the complex diplomatic relationships and competing interests of key international stakeholders.
Geopolitical instability stemming from conflict in Iran is accelerating the transition toward electrification and electric vehicle adoption. Solar and battery storage costs continue to decline. In commodity markets, the TTF gas price fell 5.6 per cent to EUR85.59/MWh.