Monday, March 12, 2012

Ontario's Electricity Price Hits Record Low

This post has been updated following posting of IESO Daily Market Summary

Based on available hourly data - all are estimates
The IESO's daily report for Sunday March 11 shows the average hourly electricity price below $-20/MWh for the first time ever (the weighted average is $-20.42/MWh).

The previous record, $-17.54, was Sunday, August, 28, 2011, and many of the characteristics of that debacle existed on the latest Sunday too - the main one seeming to be the disinterest in external markets in allowing Ontario to dump excess production - at any price.

At 3 pm the inability to dump power at any price became clear, and the Bruce 8 reactor was again idled (as written about in my previous post).  Prior to the shutdown of Bruce 8; the first drop in price saw a steam bypass procedure at Bruce 7, and second drop saw Bruce 5 join in the on the steam bypass.


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