VIC1 experienced negative pricing at −$0.05/MWh across two intervals (03:30 and 03:40–03:45) on 18 June 2026. The event occurred during a period of high renewable generation, with wind contributing over 6,600 MW and solar adding 287.6 MW to the region's supply mix.
The negative pricing was driven by sustained high wind and solar generation that exceeded local demand during off-peak hours, creating oversupply conditions typical of negative price events. Multiple binding constraints with modest marginal values (F_MAIN+RREG_0220 at 7.79–6.8 $/MWh and F_S++SETB_L6/L60 at 4.89–4.9 $/MWh) indicate that network or regional security limits restricted the dispatch of excess renewable output, requiring generators to pay to reduce output rather than curtail generation costlessly.
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.