The NEM swung through a classic winter pattern overnight — deep demand troughs followed by a sharp morning ramp. NSW1 fell to $27.87/MWh at 05:05 before climbing to $97.55/MWh by 06:30 as demand rose to 8,946 MW, while QLD1 demand troughed near 4,507 MW yesterday before rebounding to 6,960 MW this morning, spot at $83.69/MWh. Six-region averages show QLD1 the softest ($60/MWh avg) and SA1 the firmest ($111/MWh avg, $209/MWh max). Watch today for continued morning-ramp volatility and WA1's persistent premium against the mainland.
QLD1 recorded two separate bouts of sustained negative pricing in the past 24 hours — a $-1.92/MWh minimum during a solar-heavy morning (3,491.6 MW solar alongside 4,719.74 MW coal output) and a $-3.5/MWh dip the previous evening as prices fell from $6.81/MWh over seven intervals. Meanwhile TAS1 saw renewable penetration reach 87.2% between 20:05–20:30, with hydro and wind supplying 1,600–1,800 MW even as RRP tightened from $88.22 to $105.33/MWh — a reminder that high renewable share and price tension can coexist.
WA1 remained the standout region again, averaging $120/MWh over 24 hours with a $178/MWh peak and trading at $164.84/MWh this morning — well above every mainland NEM region. No specific constraint or event data was flagged for WA1 beyond the persistent price premium; conditions otherwise read as orderly.