The past 24 hours saw widespread negative pricing across the southern and eastern NEM regions overnight, with VIC1, SA1, TAS1 and QLD1 all dipping below zero for short windows as strong wind and hydro output met soft overnight demand. VIC1's average sat at just $28/MWh (max $106/MWh) while WA1 ran hottest of all six regions, averaging $103/MWh with a $132/MWh peak. The VIC-NSW interconnector is worth watching today — it's flowing 1,049 MW and binding against its 1,030 MW export limit, effectively at full capacity, consistent with the price spread between the two regions. Demand is climbing through the morning ramp in QLD1 (5,759 MW and rising) and NSW1 (7,989 MW), so watch for price firming as the day progresses.
SA1 was the standout region, swinging from 87.8% renewable penetration and price volatility ($10–$60/MWh) late on 31 July to sustained negative pricing overnight (down to −$4.50/MWh at 20:30 AEST) as wind generation (up to 1,499 MW) outpaced a demand trough of just 650 MW. SA1's 24-hour max also hit $173/MWh — the widest spread of any region — underscoring the volatility that comes with high wind shares meeting variable demand.
WA1 remains the firmest-priced region in the country, averaging $103/MWh over the past 24 hours with a peak of $132/MWh — well above every NEM region on both counts. No specific constraint or event data was flagged for WA1 today; the elevated pricing appears consistent with normal winter demand rather than any acute supply issue.