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That massive spike of 50c/kWh at the left looks tiny compared to today even though that's already insanely expensive
this post was submitted on 05 Jan 2024
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Mildly Infuriating
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Wouldn't there be a price cap in events that the wholesale market has anomalies like this? That's standard in most jurisdictions. The wholesale price is still "real" because there's some system or market condition reflected in this spike, it's just not normal for ratepayers at the distribution level to not have a price cap protection. It's like the opposite scenario if the price isn't high enough to cover the cost in actually delivering the energy and running the grid, so a Global Adjustment would come in to effect to cover the difference. There can even be surplus conditions where the price is in the negative.
what kind of regulatory distopia do these laws come from?
/s
We have price caps in the UK. They're not perfect but they have stopped us from paying a lot more than we would have this past year. And the UK is definitely no (did you mean to say?) utopia. Or do you think a price cap to protect consumers is something from a distopia?
Big part of the price was that Finland was close to needing rolling blackouts, because there wasn't enough electricity. All transmit lines were fully utilized, and all available power plants on, so only way to get the consumption down was with the price.
It worked, Finland dropped the electricity consumption almost 10% and we got through quite easily.
I guess with my knowledge of energy markets, a situation like that would result in higher prices just by the way the market functions, responding to supply and demand. The graph here appears to be a market clearing price rather than a price after adjustments, where a lot of incentives would be brought in like an intentional price hike.
We were in the opposite situation though where we were running into surplus overnight during a period of energy transition. You'd see these stupid misinformed articles being like, "the government is giving away YOUR electricity to the US!" Was like during the 2003 blackout where we needed to bring large loads online carefully alongside generation, people were freaking out how casinos and industry got power before them. The need for dispatchable loads connected to the high voltage transmission grid in that situation wasn't as headline worthy.