A volatile 24 hours across the NEM, bookended by overnight negative pricing in NSW1, VIC1 and QLD1 (down to -$1.49/MWh) as wind and solar output ran high against soft demand, and a sharp morning ramp that pushed SA1 to $353/MWh by 06:30 AEST. A major binding constraint (I_CTRL_ISSUE_ML) registered an extreme $695,425/MWh shadow price during the period, pointing to a significant transmission limitation feeding through to locational prices. Today's watch items: SA1's interconnector loading as Murraylink binds near capacity, and Tasmania's price trajectory after its own overnight-to-morning swing.
SA1 was the standout region, averaging $182/MWh over 24 hours with a peak of $845/MWh, plus a moderate spike to $312/MWh across nine volatile five-minute intervals in the late afternoon. Both Murraylink and Heywood are running near full capacity as VIC1 and NSW1 export toward the tighter SA market, with SA1 demand climbing from a 950 MW trough to 1,599 MW by mid-morning alongside a $353/MWh spot price.
WA1 saw a moderate price spike to $276/MWh during the 09:35 trading interval, a 102% jump from the preceding $131–137/MWh range, before normalising within the interval — consistent with a temporary constraint rather than sustained tightness. The 24-hour average sat at $111/MWh with a $700/MWh peak recorded elsewhere in the period.