VIC1 experienced sustained negative pricing at –$0.05/MWh across two consecutive intervals (23:00 and 23:05 on 8 June 2026), with prices returning near-zero in the following period. The event occurred during a period of high renewable generation, with wind contributing approximately 7,364 MW and solar 242 MW to the region's supply.
The negative pricing reflects an oversupply condition in VIC1 where renewable generation (predominantly wind) exceeded short-term demand, requiring some generators to operate at a loss or be curtailed. Multiple binding constraints with positive marginal values (ranging from 5.76 to 10.06) indicate network or system limitations were preventing excess generation from being efficiently exported or absorbed, forcing the market to set prices negative to incentivise demand response and manage the supply surplus.
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.