A mixed 24 hours across the NEM, with all six major interconnectors sitting well within limits and none binding — regional spreads reflected supply-demand balance rather than transfer constraints. SA1 ran hottest, averaging $111/MWh with a $297/MWh peak, while QLD1 was calmest at $52/MWh average. Brief negative pricing touched NSW1 (−$5.83/MWh) and QLD1 (−$1.33/MWh) overnight amid oversupply, before NSW1 demand climbed to 7,671 MW by mid-morning with spot at $78.99/MWh. Watch QLD1 today, tracking near mid-range after an overnight peak of $101.79/MWh on 7,157 MW demand.
Tasmania was the standout region, briefly hitting 100% renewable generation (890–905 MW hydro, 44–71 MW wind) between 20:05–20:40 UTC, yet prices held at $50–72/MWh through the window. Separately, a major binding constraint (T_BLINK_TV_NGZ) registered an exceptional $8.352 million shadow price during 16:05–16:20 intervals, pushing TAS1 prices from ~$72 to $85–86/MWh despite stable generation — a reminder that network constraints can move price independently of underlying supply conditions.
WA1 recorded the highest average of any region at $116/MWh, with a $236/MWh peak over the past 24 hours — notably above every NEM region on both counts. No further WEM-specific event data was provided; energy managers with WA exposure should note the elevated volatility relative to eastern states.
STPASA shows no LOR conditions forecast across the next 48 hours. Gas hub prices eased slightly day-on-day: STTM Adelaide at $11.50/GJ (from $11.75), Sydney at $11.31/GJ, and Brisbane at $11.07/GJ (from $11.68). LGC prices softened to $7 for the week ending 3 July, down from $8.50 the prior week, though still above the $3.80 level seen mid-June.