A Sunday low-demand profile dominated the NEM overnight, with Victoria and South Australia both printing negative average prices across the 24-hour window — VIC1 averaging $0/MWh (max $20) and SA1 averaging $0/MWh (max $32) — as generation supply ran ahead of subdued weekend demand. Tasmania stood apart at an average of $80/MWh, while NSW1 ($59/MWh avg) and QLD1 ($53/MWh avg) tracked at moderate levels. At 06:35 AEST, the VIC–NSW interconnector was binding at its export limit, creating a clear north–south price split. As demand begins its Monday morning ramp through the day, watch for that spread to narrow and Victorian prices to lift out of negative territory.
Tasmania recorded 100% renewable penetration during the early evening on 3 May, with hydro running at approximately 240–336 MW and wind contributing 55–81 MW. No gas was dispatched. Prices held in a narrow band, ranging from $68.41/MWh at the midday trough to a 24-hour high of $106/MWh, with the spot price sitting at $84.19/MWh as of 06:35 AEST. AEMO classifies this as a routine operational outcome given Tasmania's predominantly hydro-based fleet, and no supply concerns are flagged.
WA1 remains the highest-priced region in the country, averaging $119/MWh across the past 24 hours with a peak of $126/MWh — roughly double NSW1's average over the same period. No specific event data is available to attribute the elevation, but the persistent premium above eastern market levels is worth monitoring as the working week approaches. No LOR conditions are flagged for WA1 in the 48-hour STPASA outlook.