Tuesday's NEM session was defined by a sharp north–south price split. Queensland led all regions with a 24h average of $93/MWh and an intraday peak of $232/MWh, while Victoria and South Australia averaged a relatively subdued $53/MWh and $56/MWh respectively. The VIC–NSW interconnector was running hard by early morning — carrying 943 MW northward, sitting at 90% of its 1,053 MW export limit. Today's watch point is whether Queensland demand and pricing remain elevated as the working day builds; the VIC–NSW link leaves little headroom should conditions tighten further.
Tasmania delivered the standout operational event of the past 24 hours: 100% renewable penetration across nine consecutive settlement intervals on 19 May, with hydro and wind totalling approximately 3,444 MW and all gas-fired plant offline. Despite the clean-sheet generation mix, prices held stable at $96.18/MWh — a signal of a well-balanced supply-demand position. Tasmania's 24h average of $97/MWh was the highest NEM region for the session, nudging above Queensland, with a peak of $150/MWh. South Australia also recorded 85.5% renewable penetration during the early morning, with wind at 873 MW and solar contributing ~408 MW; spot prices fell to approximately $34/MWh during that window before recovering.
Western Australia's wholesale market (WA1) was the priciest jurisdiction across both grids over the past 24 hours, averaging $113/MWh with an intraday peak of $203/MWh. No specific constraint or event data is available for this session, but the elevated average warrants attention from WA energy managers reviewing exposure ahead of the mid-week period.
LOR conditions: STPASA shows no Lack of Reserve conditions forecast across the NEM in the next 48 hours. Gas hubs: Day-ahead prices firmed overnight — Brisbane STTM moved from $9.