NEM
NEM Daily analysis

Tuesday 25 August 2026

Trading day 2026-08-25

Market Snapshot

NEM average prices rise sharply as coal generation exceeds fifty percent

Average prices across the mainland were relatively aligned, though New South Wales remained the most expensive region at $98.10/MWh. South Australia exhibited the highest volatility, recording 50 negative intervals alongside a peak of $208.90/MWh during the evening demand period.

Operational demand peaked across all regions between 18:00 and 19:05, with New South Wales reaching a maximum load of 10,369 MW. Total system emissions rose by 9.0% compared to the same day last week, totalling 351,379 tonnes of CO2.

Coal dominated the generation profile at 54.9%, while wind and hydro contributed 18.9% and 8.4% respectively. Utility and rooftop solar combined for 13.8% of the mix, supporting an instantaneous renewable penetration peak of 60.3%.

Battery storage dispatched 9,426 MWh throughout the day, resulting in a net consumption of 5,407 MWh after charging. FCAS costs were led by the Raise Regulation service in Tasmania, which peaked at $40.00/MWh.

Today · Pre-dispatch forecasts indicate a price peak of $319.04/MWh in Queensland at 19:30, while other regions expect maximums between $61.84/MWh and $145.00/MWh.

Why it matters · The daily average of $85.70/MWh sits 67.7% above the weekly average, extending a four-day upward trend in NEM pricing. This shift coincides with a 9% increase in emissions and a high coal share, despite South Australia maintaining significant negative price volatility.

NSW $98VIC $93QLD $82SA $83TAS $84
Numbers-only recap · gemini-3-flash-preview

Prices

Trading day · 04:00 → 04:00 AEST · 30-min average

NSW VIC QLD SA TAS
$0 $45 $90 $135 $180 $0 $38 $75 $113 $150 $0 $43 $85 $128 $170 -$10 $40 $90 $140 $190 $0 $35 $70 $105 $140 04:00 10:00 16:00 22:00 04:00
Region Avg VWAP Min Max Neg Cap
NSW $98 $100 $42 $186 0 0
QLD $82 $85 $25 $179 0 0
SA $83 $84 -$26 $209 50 0
VIC $93 $94 $13 $163 0 0
TAS $84 $85 $35 $147 0 0

Min · Max are 5-minute dispatch extremes; the price chart plots 30-minute averages, so its peak reads lower.

Demand

NSW
Peak
10,369MW
18:00
Trough
6,628MW
04:05
Energy
403.4GWh
QLD
Peak
7,650MW
18:20
Trough
4,431MW
10:50
Energy
283.7GWh
SA
Peak
2,046MW
19:05
Trough
1,200MW
14:20
Energy
76.1GWh
VIC
Peak
7,424MW
18:35
Trough
4,631MW
03:45
Energy
290.0GWh
TAS
Peak
1,355MW
18:15
Trough
963MW
02:15
Energy
54.5GWh

FCAS

ServiceCostSpikesPeakWhen
RAISEREG$4,4740$1126 Aug, 00:05
LOWERREG$9460$725 Aug, 07:20
RAISE6SEC$1240$025 Aug, 07:45
LOWER60SEC$1190$025 Aug, 22:50
RAISE60SEC$1060$025 Aug, 07:50
LOWER6SEC$400$025 Aug, 22:50
LOWER5MIN$380$025 Aug, 10:55
RAISE5MIN$320$025 Aug, 10:40
Total$5,879

Cost = NSW RRP × cleared MW per 5-min interval.

ServiceCostSpikesPeakWhen
RAISEREG$10,7550$1126 Aug, 00:05
LOWERREG$2,8460$725 Aug, 07:20
RAISE6SEC$3660$025 Aug, 08:15
LOWER60SEC$3420$025 Aug, 22:50
RAISE60SEC$3120$025 Aug, 09:10
LOWER6SEC$820$025 Aug, 22:50
LOWER5MIN$560$025 Aug, 10:55
RAISE5MIN$380$025 Aug, 10:40
Total$14,797

Cost = QLD RRP × cleared MW per 5-min interval.

ServiceCostSpikesPeakWhen
RAISEREG$9,9420$1126 Aug, 00:05
LOWERREG$3,0990$725 Aug, 07:20
RAISE60SEC$2490$025 Aug, 07:50
RAISE6SEC$2480$025 Aug, 07:45
LOWER60SEC$1720$025 Aug, 22:50
RAISE5MIN$880$025 Aug, 10:40
LOWER6SEC$410$025 Aug, 22:50
LOWER5MIN$340$025 Aug, 10:55
Total$13,874

Cost = VIC RRP × cleared MW per 5-min interval.

ServiceCostSpikesPeakWhen
RAISEREG$7,8060$1126 Aug, 00:05
LOWERREG$4,7340$725 Aug, 07:20
RAISE6SEC$1,3580$025 Aug, 21:50
RAISE60SEC$1,3200$025 Aug, 22:00
RAISE5MIN$4200$025 Aug, 22:25
LOWER60SEC$3070$025 Aug, 19:25
LOWER6SEC$1680$025 Aug, 19:25
LOWER5MIN$430$025 Aug, 10:55
Total$16,158

Cost = SA RRP × cleared MW per 5-min interval.

ServiceCostSpikesPeakWhen
RAISEREG$10,2020$4025 Aug, 06:00
LOWERREG$3,7490$425 Aug, 06:35
RAISE6SEC$60$025 Aug, 10:05
RAISE60SEC$60$025 Aug, 10:05
RAISE5MIN$00$025 Aug, 10:40
LOWER6SEC$00$025 Aug, 22:50
LOWER60SEC$00$025 Aug, 22:50
LOWER5MIN$00$025 Aug, 10:55
Total$13,963

Cost = TAS RRP × cleared MW per 5-min interval.

Battery dispatch

Peak moment

Fleet discharged 819 MW at 18:30 as NSW spot hit $147/MWh.

Peak moment

Fleet discharged 1,183 MW at 17:30 as QLD spot hit $142/MWh.

Peak moment

Fleet discharged 375 MW at 08:00 as VIC spot hit $97/MWh.

Peak moment

Fleet discharged 380 MW at 08:30 as SA spot hit $86/MWh.

Peak moment

Fleet discharged 2,222 MW at 17:30 as TAS spot hit $124/MWh.

Discharged
2,477MWh
peak 819 MW · 18:30
Charged
3,285MWh
peak 470 MW
Net
-808MWh
discharge − charge
Round-trip
75%
discharge / charge ratio
Discharged
3,850MWh
peak 1,183 MW · 17:30
Charged
5,104MWh
peak 871 MW
Net
-1,254MWh
discharge − charge
Round-trip
75%
discharge / charge ratio
Discharged
1,799MWh
peak 375 MW · 08:00
Charged
3,750MWh
peak 468 MW
Net
-1,950MWh
discharge − charge
Round-trip
48%
discharge / charge ratio
Discharged
1,301MWh
peak 380 MW · 08:30
Charged
2,696MWh
peak 391 MW
Net
-1,395MWh
discharge − charge
Round-trip
48%
discharge / charge ratio
NEM-wide
Discharged
9,427MWh
peak 2,222 MW · 17:30
Charged
14,834MWh
peak 1,586 MW
Net
-5,407MWh
discharge − charge
Round-trip
64%
discharge / charge ratio

Fleet net dispatch · spot-price overlay · 30-min average

Net MWdischarge ↑ · charge ↓NSWQLDVICSATAS$/MWh
-2.0 GW-1.0 GW0 MW1.0 GW2.0 GW3.0 GW-$50$0$50$100$150$20023:3006:3713:4520:5204:00

Regional dispatch ranking

RegionDischargedNet
#1QLD
3,850MWh
-1,254
#2NSW
2,477MWh
-808
#3VIC
1,799MWh
-1,950
#4SA
1,301MWh
-1,395

Generation Mix

TOP FUEL 65.4%
  • Coal65.4% · 132.8 GWh
  • Gas0.9% · 1.8 GWh
  • Hydro6.4% · 12.9 GWh
  • Wind15.8% · 32.1 GWh
  • Solar (utility)4.6% · 9.3 GWh
  • Solar (rooftop)5.7% · 11.5 GWh
  • Battery1.2% · 2.5 GWh
TOP FUEL 58.7%
  • Coal58.7% · 117.3 GWh
  • Gas1.6% · 3.2 GWh
  • Hydro1.3% · 2.7 GWh
  • Wind12.6% · 25.2 GWh
  • Solar (utility)9.9% · 19.7 GWh
  • Solar (rooftop)14.0% · 28.0 GWh
  • Battery1.9% · 3.8 GWh
TOP FUEL 69.3%
  • Coal69.3% · 105.0 GWh
  • Gas2.2% · 3.4 GWh
  • Hydro3.3% · 5.0 GWh
  • Wind15.6% · 23.6 GWh
  • Solar (utility)2.6% · 4.0 GWh
  • Solar (rooftop)5.8% · 8.8 GWh
  • Battery1.2% · 1.8 GWh
TOP FUEL 74.4%
  • Gas10.0% · 5.3 GWh
  • Wind74.4% · 39.1 GWh
  • Solar (utility)3.2% · 1.7 GWh
  • Solar (rooftop)10.0% · 5.2 GWh
  • Battery2.5% · 1.3 GWh
TOP FUEL 85.4%
  • Gas7.7% · 3.0 GWh
  • Hydro85.4% · 33.7 GWh
  • Wind5.2% · 2.0 GWh
  • Solar (rooftop)1.7% · 0.7 GWh
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
23:3005:3711:4517:5200:0010.2 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
23:3005:3711:4517:5200:0010.0 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
23:3005:3711:4517:5200:007.8 GW 0
gasbattery dischargewindsolar utilitysolar rooftopBattery (charge)
23:3005:3711:4517:5200:002.9 GW 0
gashydrowindsolar rooftop
23:3005:3711:4517:5200:001.8 GW 0

Renewables

NSW · Daily renewable share
28.5%
VIC · Daily renewable share
26.1%
QLD · Daily renewable share
44.7%
SA · Daily renewable share
100.7%
TAS · Daily renewable share
117.1%
Peak instantaneous
60.3%
at 11:25
Daily NEM-wide share
40.8%
By region (daily share)
  • NSW
    28.5%
  • VIC
    26.1%
  • QLD
    44.7%
  • SA
    100.7%
  • TAS
    117.1%

Interconnectors

Region (proxy) Net flow Direction changes Hours at limit
N-Q-MNSP1 +33.2 GWh 0 —
NSW1-QLD1 −43.2 GWh 0 —
VIC1-NSW1 −12.6 GWh 7 —
V-SA +9.8 GWh 7 —
T-V-MNSP1 +17.8 GWh 0 —

Per-region net of NETINTERCHANGE proxied to a representative interconnector. Full per-interconnector decomposition + hours-at-limit needs DINTERCONNECTOR parsing (follow-up).

Emissions

Total emissions
351.4k tCO₂
▲ 9.0% vs same day last week
Intensity by region
NSW 116.8k tCO₂ 0.576 tCO₂/MWh
QLD 104.3k tCO₂ 0.518 tCO₂/MWh
SA 2.4k tCO₂ 0.045 tCO₂/MWh
VIC 126.1k tCO₂ 0.837 tCO₂/MWh
TAS 1.8k tCO₂ 0.047 tCO₂/MWh