Victoria (VIC1) experienced sustained negative pricing at -$0.10/MWh across two consecutive intervals (02:10–02:15) on 30 May 2026, with prices remaining near-zero in the following interval. This represents a minor but notable event driven by structural oversupply during an off-peak period with strong renewable generation.
The negative pricing was precipitated by a combination of high wind generation (approximately 2,056–2,026 MW) and brown coal baseload output (2,946 MW) coinciding with low demand during the early morning hours, creating a significant surplus of inflexible supply. The binding transmission constraint (F_T+RREG_0050, marginal value ~$5.49/MWh) indicates network congestion that prevented efficient redistribution of excess power, forcing the market price into negative territory to incentivise load absorption or generator curtailment rather than spillage.
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.