South Australia dominated the last 24 hours, spiking to $4,981/MWh at 16:35 amid a run of moderate-to-severe volatility, while NSW ($446/MWh), VIC ($312–304/MWh) and TAS ($450/MWh) all posted their own moderate spikes through the 11:00 AEST period. The Heywood and Murraylink interconnectors are both running at full export limits into SA this morning (53.9 MW and 178.4 MW respectively, ~232 MW combined VIC-to-SA), underscoring how tight the SA-VIC corridor remains. As at 06:30 AEST, SA sits at $400/MWh, NSW and VIC are tracking close together near $190/MWh, TAS is at $170/MWh, and QLD remains the softest mainland region. Demand is climbing through the morning ramp across all regions — watch for a repeat of yesterday's SA volatility as loads build toward midday.
South Australia is the clear standout: a 24-hour average of $490/MWh and a peak of $4,981/MWh, driven by a cluster of five separate price events ranging from $324/MWh to the major spike itself. Prices had been building for 25 minutes before the 16:35 peak, climbing from $560/MWh to $875/MWh, before normalising to $560/MWh — a pattern consistent with tight local supply-demand balance rather than a single cause.
WA1 was comparatively steady over the past 24 hours, averaging $116/MWh with a peak of just $177/MWh — the tightest price band of any region reported today. No specific WEM events were flagged; conditions there remain quiet relative to the mainland NEM volatility.
No LOR conditions are forecast across the NEM in the next 48 hours, per the latest STPASA outlook.
LGC spot firmed to $5.85 for the week ending 24 July, up from $5.05 the prior week but still below the $7.00 seen in early July.