Wednesday night into Thursday morning was defined by surplus conditions across southern regions. Victoria spent several hours in negative pricing overnight — bottoming out in the early hours before recovering to $29/MWh by 06:30 AEST — while South Australia sustained negative or near-zero prices for much of the past 24 hours, sitting at -$3/MWh at 06:30 AEST on 1,447 MW of demand. Queensland tracked a more conventional daily arc, peaking near 7,940 MW around 18:00 AEST before easing to 6,655 MW and $76/MWh this morning. Watch interconnector conditions today: the VIC–NSW link was binding at its export limit carrying 987.7 MW northward at 06:30 AEST, alongside two other binding constraints — flow and pricing divergence between regions is the story to monitor through the morning peak.
Tasmania was the standout region in the past 24 hours. During the late afternoon of 30 April, the state achieved 100% renewable penetration, with load met entirely by approximately 186 MW of hydro and 111 MW of wind — gas OCGT units offline throughout. Spot prices remained orderly, ranging between $84.21 and $84.92/MWh during those intervals. The 24-hour average of $87/MWh and a daily high of $148/MWh reflect Tasmania's typical price structure relative to mainland peers today. Demand was tracking a steady morning build from a trough of ~898 MW at 04:00 AEST up to 1,031 MW by 06:30 AEST.
The WEM ran at an elevated average across the 24-hour window, with WA1 recording a 24-hour average of $119/MWh and a daily high of $134/MWh — the