Commodity Demand — NSW1: Monday 4 May 2026

NSW spot price sits at $77.74/MWh with demand at 7,664 MW as of 6:35 AEST, having climbed sharply through the evening after troughing near 6,226 MW around 3:45 AEST. The demand trajectory today has been textbook autumn — a morning peak reaching 9,361 MW at 9:00 AEST priced at $91.70/MWh, a sustained midday plateau in the $84–$92/MWh range as demand stepped down through 8,000–8,500 MW, then a post-solar trough to around 6,226 MW in the mid-afternoon where prices compressed to the low-to-mid $50s/MWh. The current evening ramp is now well underway, with demand having gained over 1,400 MW from that afternoon floor.

The price sensitivity to demand today has been clear and consistent: every sustained move above 9,000 MW locked prices near or at $91.70/MWh, while the 6,200–7,000 MW mid-afternoon window held prices broadly in the $57–$65/MWh range. The $77.74/MWh current price reflects demand sitting in the intermediate zone of the evening ramp — above the afternoon floor but not yet at the level that forces higher-cost plant dispatch. The generation mix at 6:30 AEST shows black coal carrying 5,828 MW, wind contributing 419 MW, hydro 186 MW, and solar 120 MW, with gas CCGT and OCGT at zero, indicating no peaking gas has been called on at current demand levels.

Forecasts for 7:00–8:30 AEST (the next two trading periods, 21:00–21:30 UTC) are pricing in $94–$119/MWh, with the most recent dispatch-time estimates clustering around $94–$97/MWh for the 7:00 AEST half-hour and $97–$118/MWh for 7:30 AEST. This is consistent with demand pushing back through the 7,500–8,000 MW zone where higher-marginal-cost capacity enters the stack. One active network notice adds a modest constraint: an unplanned outage of the No. 3 leg of Directlink invoked constraint set N-MBTE_1 at 12:30 AEST, limiting the NSW–QLD interconnector (N-Q-MNSP1). This reduces the import headroom from Queensland at a time when NSW demand is rising, adding upward pressure to the evening price trajectory. Traders should treat the $94–$118/MWh forecast range as credible given the demand ramp, the Directlink constraint, and minimal gas generation currently in the stack to buffer incremental load.