The WEM in Western Australia experienced a sharp price spike to $396.33/MWh during the 14:55 interval on 15 June 2026, representing a near-tripling of the preceding price level of ~$148/MWh. The elevated price persisted across the following two intervals before moderating slightly, indicating a sustained supply-demand imbalance rather than a momentary spike.
The binding constraint F_T+LREG_0050 with marginal values between $10.82 and $11.98/MWh was active during the spike, indicating that a reserve or thermal limit constraint was restricting available generation capacity at the time of the price event. With gas generation (OCGT and CCGT combined) providing approximately 1,987 MW and thermal plant (black coal) delivering 830 MW, the market was heavily reliant on conventional plant, and the binding constraint's marginal value suggests the system was operating near critical limits for reserves or specific plant operating boundaries.
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.