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Energy and the Environment

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  1. Introduction
  2. Transport Fuels
    5 Topics
  3. Energy Sources: Fossil Fuels
    8 Topics
  4. Energy Sources: Renewables
    10 Topics
  5. Electricity
    10 Topics
  6. Energy Sources: Nuclear
    6 Topics
  7. Demand Response
    6 Topics
  8. Energy/Emissions Policy
    15 Topics
  9. Energy Economics
    2 Topics
    |
    1 Quiz
Lesson 7, Topic 4
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How the Spot Market Works

Abdulaziz July 19, 2020
Lesson Progress
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  • Generators submit offers ($/MWh) every 5 minutes
  • AEMO orders offers from least to most expensive & determines which generators are dispatched
  • AEMO dispatches electricity every 5 minutes
  • Electricity is supplied by the lowest cost mix of generators
  • For ‘settlement’, the $/MWh accepted is then averaged over 30 minutes
  • the spot price for a 30 minute trading interval is the average of the six dispatch interval prices
  • All generators dispatched in that trading interval receive the spot price