Sorry, but multiplying solar generation by an average spot price makes no sense at all. Spot prices tend to be lower when solar generation is available.
I have done some more accurate calculations based on production from the nearby Parkes solar farm as a proxy.
For the Q1 period (1 January 2021 - 31 March 2021):
- Generation: the 50MW Parkes SF generated 37,217 MWh (so very close to your quoted figure).
- Spot price: The generation-weighted average price of Parkes SF was $34.89/MWh,
- Revenues: so the total spot revenues are $1,298,612. Now it's also important to take into account the 'marginal loss factor' (MLF) of the solar farm, because spot revenues are multiplied by the MLF, which for Jemalong is a healthy 0.9220. This gives final value of $1,197,320 if Jemalong was producing at full output
All in all, a great revenue number (especially considering that spot prices are currently at the lowest point in ~7 years), so hopefully we'll reach that and higher in the near future!
Sorry, but multiplying solar generation by an average spot price...
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