The NEM traded through a broadly moderate overnight session, with average spot prices ranging from $56/MWh in QLD1 to $94/MWh in SA1. South Australia posted the sharpest intraday move, reaching $361/MWh at its peak — well above every other region — after sustaining elevated prices in the $160–$180/MWh range during the morning peak window (17:00–19:30 AEST). Victoria touched $101/MWh at its maximum. Demand is now in the early-morning ramp across most regions. Watch SA1 closely today: the combination of a relatively tight demand-to-supply balance and the active Queensland transmission constraint will continue to shape flow patterns on the interconnected east coast grid.
The standout NEM event over the past 24 hours is the binding network constraint F_Q+8E_L1, carrying a shadow price of $8,451/MW — a figure that signals substantial congestion on a critical Queensland transmission corridor. Simultaneously, the QNI interconnector (NSW1–QLD1 link) hit its import limit at −725.4 MW, with flow saturated northward from NSW into QLD. Together, these two binding conditions point to a meaningful dispatch and pricing wedge within Queensland. Separately, Tasmania ran at 100% renewable penetration during the 07:00–07:25 AEST window, supplied entirely by hydro (504 MW) and wind (72 MW), with spot prices stable around $87/MWh throughout.
WA1 recorded an average spot price of $98/MWh over the past 24 hours, with a maximum of $100/MWh — a notably tight band suggesting prices were persistently elevated with limited volatility. This places WA1 as the highest-average