WEM prices in WA1 spiked to $274.19/MWh at 04:45 on 24 August 2026, a sharp increase from the prior interval at $140.03/MWh and a sustained jump from the $102–104/MWh baseline observed 15–25 minutes earlier. The spike persisted for a single trading interval before resolution.
Multiple binding constraints with material marginal values simultaneously constrained the market, with constraint F_T+RREG_0050 showing the highest marginal contribution at $25.26/MWh. The generation mix at the time comprised predominantly dispatchable thermal capacity (gas OCGT at 859 MW and CCGT at 573 MW, plus black coal at 430 MW) alongside battery output at 501 MW, while renewable supply remained modest (wind at 220 MW combined, solar at 30 MW), suggesting limited low-cost generation available to relieve the binding constraint pressures and hence support the elevated pricing.
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.