The NEM traded within moderate ranges overnight, with SA1 the standout on price at an average of $89/MWh and a 24-hour max of $227/MWh. Tasmania ran a clean two-tier price structure anchored near $96/MWh, firming into the $106–$121/MWh range through the earlier overnight session before easing. Queensland and NSW tracked closely at averages of $69/MWh and $73/MWh respectively. As of 06:30 AEST, evening demand ramps are under way in Victoria (5,581 MW, $85.52/MWh), SA (1,378 MW, $86.39/MWh), and Queensland (6,476 MW, $96.83/MWh) — watch those regions through the morning peak. VIC–NSW interconnector flow is running 606 MW northbound, shaping regional spreads.
Two notable events collided in TAS1 over the past 24 hours. Between 17:35 and 18:05 AEST, Tasmania achieved 100% renewable penetration — hydro supplying ~957–969 MW and wind ~84–96 MW, with gas OCGT offline — while spot prices held stable near $96.22–$96.24/MWh. Separately, a binding constraint event around 21:00–21:10 AEST on 11 May triggered constraint equation T_BLINK_TV_NGZ with an extraordinary shadow price of $7,308,000. Despite the severity of that network constraint, TAS1 spot prices remained contained at $96–$107/MWh across the affected intervals — a signal worth watching for interconnector flow and hedging teams.