Did demand side knock out $12,000/MWh price spike?

On Monday electricity prices in SA and Victoria skyrocketed to over $12,000 per MWh but then quickly subsided after a drop in demand. Could this be a sign of the power of demand-side response?

SMS alerts triggered by NEM-Watch alerted us to the fact, whilst out of the office, that the price was bouncing around in Victoria and South Australia yesterday to levels close to the price cap of $12,500 per megawatt-hour.

Looking backwards from this morning we see that the extent to which prices bounced around yesterday in both regions – triggering what appears to be a significant amount of Demand Side Response in both regions:

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