ASX Small Cap Lunch Wrap: Who’s breaking solar world records today?
South Australia’s electricity distributor SA Power Networks (SAPN) reckons the state has set a world record – generating more electricity from solar than they consumed on five different days in the past five weeks.
The five events of ‘negative demand’ began on Sunday September 26 when supply outstripped demand for 2.5 hours.
“Rooftop solar is contributing to decarbonisation of our energy and to lower energy prices,” SAPN spokesman Paul Roberts said.
“In the not-too-distant future, we expect to see South Australia’s energy needs during the middle parts of the day regularly being supplied 100 per cent from rooftop solar.”
“Longer term, we hope to see a transport system where most vehicles will be fuelled by renewable-sourced electricity, including from solar rooftop PV.”
All events occurred on weekends, and on Halloween the network managed by SAPN was a net contributor to the state’s energy supply for four hours.
🏅 Hello new world record! ☀️ South Australia just set an epic new renewables record, with the state’s supply of solar-generated power completely outstripped demand on five occasions over the past five weeks 🥳 https://t.co/ok22NJNm3p @abcnews #AusClimateSolutions
— RE-Alliance (@reallianceaus) November 4, 2021
The ASX 200 is up 45.50 points or 0.61% at midday today to 7,473.50.
Global oil prices fell, reversing earlier gains on a TV report that Saudi Arabian oil output will soon surpass 10 million barrels per day for the first time since the COVID-19 outbreak.
Earlier the OPEC+ production group decided to continue with the previously agreed plans to raise output by 400,000 barrels per day on a monthly basis.
The Brent crude price fell by 1.8% to US$80.54 a barrel and the US Nymex crude price lost 2.5% to US$78.81 a barrel.
Base metal prices were generally lower, falling by 0.2-4.0% but copper bucked the trend, up by 0.5%.
The gold futures price rose by 1.7% to U$1,793.50 an ounce and spot gold was trading near US$1,793 an ounce.
Earlier this week, the US Fed confirmed it would start scaling back its pandemic-driven bond buying.
According to Morningstar, investors say the bond-buying program and low interest rates will continue to support stocks.
Fed Chairman Jerome Powell on Wednesday played down the prospect of an imminent turn to raising interest rates – but inflation concerns are clearly on investors’ minds as traders stuck with wagers on stubbornly high inflation.
Rising prices also feed into other issues, like supply-chain problems and a tight labour market.
“The cost of going to the grocery store and filling your car with gas is the biggest issue right now,” said Mr. Grant, of B. Riley Securities.
Here are the best performing ASX small cap stocks for November 5 [intraday]:
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The biggest small cap winner today was Aic Mines (ASX:A1M) up 47% on no news, followed by Marquee Resources (ASX:MQR) up 39% after announcing its getting into lithium – unveiling earn-in agreements for the Kibby Basin Lithium project as well as the Lone Star Copper-Gold Mine in Nevada and Washington State .
Rising 20% was Alterra Limited (ASX:1AG) after announcing Ben Norrish will join the company as head of horticulture, overseeing the development of the Carpenters avocado project in Pemberton WA.
And Stellar Resources (ASX:SRZ) dropped 21% despite reporting ‘encouraging’ assay results from phase 1 drilling at its Heemskirk tin project in Tazmania.