A wide regional price spread defined the past 24 hours, with VIC1 troughing near $7-9/MWh this morning against WA1 at $95.75/MWh and SA1 at $78.44/MWh — an $87/MWh gap between cheapest and dearest regions. Negative pricing appeared in NSW1, VIC1 (twice) and QLD1 overnight as solar and wind output outpaced low overnight demand, while WA1 saw two moderate price spikes (to $267.62/MWh and $252.50/MWh) during morning ramp conditions. Watch today for continued volatility in SA1 and WA1 as demand builds through the morning peak, alongside the tightening evening conditions signalled in Tasmania.
SA1 was the standout NEM region over the past 24 hours, averaging $84/MWh with a peak of $143/MWh during yesterday evening's ramp. Demand swung from a 2,266 MW overnight peak down to a 1,396 MW trough this morning, with spot price easing to $78.44/MWh at 06:30 AEST — still the highest average of the mainland NEM regions, reflecting the tighter supply-demand balance typical of SA1's smaller, more weather-exposed grid.
WA1 was the most volatile region nationally over the past 24 hours, averaging $150/MWh with a peak of $373/MWh. Two moderate price spikes were recorded — $267.62/MWh at 09:50 UTC and $252.50/MWh at 02:50 UTC — both isolated to single trading intervals before prices stabilised. This morning's spot price sits at $95.75/MWh, underscoring the WEM's tendency toward sharp, short-lived price movements relative to NEM regions.
No LOR conditions are forecast across the NEM in the next 48 hours, per STPASA. East coast gas hub prices held steady, with STTM Brisbane at $11.52/GJ and STTM Sydney at $11.22/GJ on 24 July, both little changed from the prior day. LGC prices continued their recent softening, closing the week ending 17 July at $5.05, down from $8.50 four weeks earlier.