NEM
NEM Daily analysis

Wednesday 23 September 2026

Trading day 2026-09-23

Market Snapshot

New South Wales records average price of $119.60 per MWh

Average prices spanned from $79.90/MWh in South Australia to $119.60/MWh in New South Wales. South Australia experienced 6.7 hours of negative prices. Victoria recorded 3.5 hours of negative prices, and Tasmania had 2.5 hours. No region recorded cap intervals.

New South Wales demand peaked at 9009 MW at 18:30. Queensland demand reached 7420 MW at 18:00. Victoria recorded a peak of 6393 MW at 19:05.

Coal accounted for 48.2 per cent of generation, while rooftop solar provided 15.3 per cent and wind 11.8 per cent. The renewable share averaged 44.4 per cent. Batteries discharged 17,104 MWh with a net load of 914 MWh.

The raise regulation service recorded the highest FCAS cost at $51,681. Total emissions were 306,666 tonnes of carbon dioxide, 5.1 per cent above the same weekday last week.

Today · Pre-dispatch forecasts show Queensland prices peaking at $319.04/MWh at 19:30. South Australia is forecast to reach $145.00/MWh at 18:30.

In context · The New South Wales average price of $119.60/MWh ranked first within the seven days, above the seven-day average of $76.10/MWh. The NEM average price ranked first for the week, compared to $52.50/MWh on the same weekday last week.

NSW $120VIC $87QLD $117SA $80TAS $82
Numbers-only recap · gemini-3.1-pro-preview

Prices

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

NSW VIC QLD SA TAS
$0 $60 $120 $180 $240 -$10 $50 $110 $170 $230 $0 $95 $190 $285 $380 -$10 $48 $105 $163 $220 -$10 $45 $100 $155 $210 04:00 10:00 16:00 22:00 04:00
Region Avg VWAP Min Max Neg Cap
NSW $120 $120 $44 $300 0 0
QLD $117 $118 $1 $377 0 0
SA $80 $103 -$19 $275 80 0
VIC $87 $96 -$8 $283 42 0
TAS $82 $86 -$8 $261 30 0

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

Demand

NSW
Peak
9,009MW
18:30
Trough
6,683MW
14:10
Energy
359.9GWh
QLD
Peak
7,420MW
18:00
Trough
4,610MW
12:50
Energy
278.6GWh
SA
Peak
1,666MW
19:00
Trough
38MW
13:30
Energy
50.0GWh
VIC
Peak
6,393MW
19:05
Trough
2,989MW
13:20
Energy
236.3GWh
TAS
Peak
1,280MW
07:20
Trough
860MW
13:10
Energy
51.3GWh

FCAS

ServiceCostSpikesPeakWhen
RAISEREG$3,2620$1623 Sept, 16:15
LOWERREG$1,6030$723 Sept, 06:15
RAISE6SEC$1830$023 Sept, 08:05
RAISE60SEC$1480$023 Sept, 06:45
LOWER60SEC$800$023 Sept, 15:30
LOWER5MIN$500$023 Sept, 15:45
RAISE5MIN$480$023 Sept, 09:00
LOWER6SEC$290$023 Sept, 15:25
Total$5,403

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

ServiceCostSpikesPeakWhen
RAISEREG$13,2560$1623 Sept, 16:15
LOWERREG$3,5800$723 Sept, 06:15
RAISE6SEC$4420$023 Sept, 08:05
RAISE60SEC$3280$023 Sept, 06:45
LOWER60SEC$2820$023 Sept, 15:30
LOWER5MIN$740$023 Sept, 15:45
RAISE5MIN$690$023 Sept, 09:00
LOWER6SEC$410$023 Sept, 15:25
Total$18,071

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

ServiceCostSpikesPeakWhen
RAISEREG$8,8860$1623 Sept, 16:15
LOWERREG$1,8720$723 Sept, 06:15
RAISE6SEC$4410$023 Sept, 08:05
RAISE60SEC$4170$023 Sept, 06:45
LOWER60SEC$1890$023 Sept, 15:30
RAISE5MIN$1460$023 Sept, 09:00
LOWER5MIN$500$023 Sept, 15:45
LOWER6SEC$490$023 Sept, 15:25
Total$12,050

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

ServiceCostSpikesPeakWhen
RAISEREG$3,9990$1623 Sept, 16:15
LOWERREG$2,9680$723 Sept, 06:15
RAISE6SEC$3440$023 Sept, 08:05
RAISE60SEC$2810$023 Sept, 06:45
LOWER60SEC$2180$023 Sept, 15:30
LOWER6SEC$690$023 Sept, 15:25
LOWER5MIN$660$023 Sept, 15:45
RAISE5MIN$640$023 Sept, 09:00
Total$8,009

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

ServiceCostSpikesPeakWhen
RAISEREG$22,2780$14324 Sept, 00:35
LOWERREG$5,8950$5223 Sept, 16:05
RAISE6SEC$2,2400$4323 Sept, 16:45
RAISE60SEC$5130$323 Sept, 16:45
LOWER6SEC$960$223 Sept, 07:20
LOWER60SEC$800$123 Sept, 16:55
RAISE5MIN$80$023 Sept, 07:05
LOWER5MIN$10$023 Sept, 15:45
Total$31,111

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

Battery dispatch

Peak moment

Fleet discharged 1,425 MW at 18:00 as NSW spot hit $126/MWh.

Peak moment

Fleet discharged 1,167 MW at 18:00 as QLD spot hit $113/MWh.

Peak moment

Fleet discharged 853 MW at 19:00 as VIC spot hit $114/MWh.

Peak moment

Fleet discharged 503 MW at 19:30 as SA spot hit $110/MWh.

Peak moment

Fleet discharged 3,630 MW at 19:00 as TAS spot hit $106/MWh.

Discharged
6,080MWh
peak 1,425 MW · 18:00
Charged
6,211MWh
peak 1,365 MW
Net
-132MWh
discharge − charge
Round-trip
98%
discharge / charge ratio
Discharged
5,075MWh
peak 1,167 MW · 18:00
Charged
5,618MWh
peak 1,007 MW
Net
-544MWh
discharge − charge
Round-trip
90%
discharge / charge ratio
Discharged
3,938MWh
peak 853 MW · 19:00
Charged
3,917MWh
peak 818 MW
Net
+22MWh
discharge − charge
Round-trip
101%
discharge / charge ratio
Discharged
2,011MWh
peak 503 MW · 19:30
Charged
2,272MWh
peak 444 MW
Net
-261MWh
discharge − charge
Round-trip
89%
discharge / charge ratio
NEM-wide
Discharged
17,104MWh
peak 3,630 MW · 19:00
Charged
18,018MWh
peak 3,344 MW
Net
-914MWh
discharge − charge
Round-trip
95%
discharge / charge ratio

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

Net MWdischarge ↑ · charge ↓NSWQLDVICSATAS$/MWh
-4.0 GW-2.0 GW0 MW2.0 GW4.0 GW-$100$0$100$200$300$40023:3006:3713:4520:5204:00

Regional dispatch ranking

RegionDischargedNet
#1NSW
6,080MWh
-132
#2QLD
5,075MWh
-544
#3VIC
3,938MWh
+22
#4SA
2,011MWh
-261

Generation Mix

TOP FUEL 53.3%
  • Coal53.3% · 105.6 GWh
  • Gas2.3% · 4.5 GWh
  • Hydro5.5% · 10.9 GWh
  • Wind9.4% · 18.7 GWh
  • Solar (utility)14.5% · 28.7 GWh
  • Solar (rooftop)11.8% · 23.3 GWh
  • Battery3.1% · 6.1 GWh
  • Other0.1% · 0.3 GWh
TOP FUEL 55.3%
  • Coal55.3% · 110.8 GWh
  • Gas3.6% · 7.3 GWh
  • Hydro1.6% · 3.2 GWh
  • Wind13.0% · 26.1 GWh
  • Solar (utility)8.6% · 17.3 GWh
  • Solar (rooftop)14.7% · 29.5 GWh
  • Battery2.5% · 5.1 GWh
  • Other0.5% · 1.0 GWh
TOP FUEL 56.6%
  • Coal56.6% · 84.7 GWh
  • Gas4.4% · 6.6 GWh
  • Hydro2.3% · 3.4 GWh
  • Wind6.3% · 9.5 GWh
  • Solar (utility)9.6% · 14.4 GWh
  • Solar (rooftop)18.2% · 27.2 GWh
  • Battery2.6% · 3.9 GWh
TOP FUEL 38.9%
  • Gas22.4% · 10.8 GWh
  • Wind38.9% · 18.8 GWh
  • Solar (utility)5.9% · 2.9 GWh
  • Solar (rooftop)28.6% · 13.8 GWh
  • Battery4.2% · 2.0 GWh
TOP FUEL 80.0%
  • Gas11.7% · 3.4 GWh
  • Hydro80.0% · 23.3 GWh
  • Wind1.9% · 0.5 GWh
  • Solar (rooftop)6.4% · 1.9 GWh
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
23:3005:3711:4517:5200:009.7 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
23:3005:3711:4517:5200:0010.1 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
23:3005:3711:4517:5200:007.4 GW 0
gasbattery dischargewindsolar utilitysolar rooftopBattery (charge)
23:3005:3711:4517:5200:002.5 GW 0
gashydrowindsolar rooftop
23:3005:3711:4517:5200:001.6 GW 0

Renewables

NSW · Daily renewable share
40.0%
VIC · Daily renewable share
37.9%
QLD · Daily renewable share
45.3%
SA · Daily renewable share
88.0%
TAS · Daily renewable share
87.6%
Peak instantaneous
69.0%
at 10:55
Daily NEM-wide share
44.4%
By region (daily share)
  • NSW
    40.0%
  • VIC
    37.9%
  • QLD
    45.3%
  • SA
    88.0%
  • TAS
    87.6%

Interconnectors

Region (proxy) Net flow Direction changes Hours at limit
N-Q-MNSP1 +33.2 GWh 2 —
NSW1-QLD1 −32.9 GWh 2 —
VIC1-NSW1 −5.3 GWh 29 —
V-SA +8.6 GWh 12 —
T-V-MNSP1 −37 MWh 1 —

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
306.7k tCO₂
▲ 5.1% vs same day last week
Intensity by region
NSW 94.7k tCO₂ 0.471 tCO₂/MWh
QLD 100.7k tCO₂ 0.498 tCO₂/MWh
SA 5.3k tCO₂ 0.106 tCO₂/MWh
VIC 104.0k tCO₂ 0.688 tCO₂/MWh
TAS 2.1k tCO₂ 0.073 tCO₂/MWh