VIC1 experienced sustained negative pricing during early morning hours on 9 June 2026, with the regional reference price (RRP) falling to −$3.01/MWh for one interval and −$2.26/MWh for another across a three-interval window. The negative pricing occurred during a period of high renewable generation, with combined wind output exceeding 5,700 MW and solar contributing 260 MW.
The negative pricing was driven by an oversupply condition typical of low-demand early morning periods combined with high wind and solar generation that could not be efficiently dispatched. A binding constraint (F_T+RREG_0050) with marginal values around $3.76–$3.79/MWh indicates that network or system security limitations restricted the ability to export or redistribute surplus generation, forcing the marginal generator to accept negative prices to remain in service and maintain system stability.
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.