The NEM's overnight session was defined by widespread oversupply during low-demand windows, with negative pricing recorded in SA1, VIC1, and QLD1 in the early hours. SA1 dipped to −$3/MWh across multiple intervals between 07:15–07:45 AEST, driven by wind exceeding 1,600 MW into a sub-1,500 MW demand base. By 06:30 AEST, the morning ramp had reasserted across all mainland regions — VIC1 at $78.57/MWh (6,009 MW), QLD1 at $80.83/MWh (6,830 MW), and SA1 at $83.96/MWh (1,516 MW). Watch today: the winter morning peak ramp is well underway; a binding constraint (F_S++TBTU_R60, shadow price $984.82/MWh) flagged overnight suggests flow restrictions remain a risk as demand climbs. Sydney gas eased notably to $8.00/GJ today from $9.45/GJ yesterday — worth monitoring for gas-exposed positions.
Tasmania achieved 100% renewable electricity generation during the evening of 4 June, with hydro and wind supplying approximately 3,438 MW across six consecutive settlement intervals. Regional reference prices held steady at $80.18/MWh — a stable market outcome with no price disruption despite the milestone penetration level. TAS1 recorded the highest 24-hour average in the NEM at $83/MWh (max $107/MWh), reflecting constrained hydro export capacity rather than any supply stress. Carbon intensity for Tasmania sat at 0.00 tCO2/MWh during this period.
WA1 continues to run well above NEM equivalents, posting a 24-hour average of $130/MWh and an intraday peak of $281/MWh. No