NSW1 experienced minor negative pricing with a floor of –$0.11/MWh across two intervals on 22 August 2026 at 02:50–03:05 UTC, following a period of volatile pricing between $29.83 and $1.51/MWh. The negative pricing episodes were preceded by a sharp decline in regional spot prices, suggesting oversupply conditions in the overnight period.
The generation mix shows substantial renewable output (solar 2,746 MW and wind 1,349 MW) combined with significant black coal generation (2,839 MW), typical of overnight winter conditions where minimum load constraint binding becomes acute. Multiple binding constraints with modest marginal values (ranging from $3.35 to $5.00/MWh) indicate that network or ancillary service limitations—rather than severe scarcity—were limiting dispatch flexibility, forcing the market into negative pricing to clear excess supply that could not be economically managed or exported.
Causal analysis generated by gridIQ's synthesis model from live AEMO market data: dispatch prices, generation mix, interconnector flows and market notices in the interval surrounding the event.