NEM
NEM Daily analysis

Friday 25 September 2026

Trading day 2026-09-25

Market Snapshot

SA records the highest regional average price at $87.4/MWh

Regional average prices ranged from $70.2/MWh in Queensland to $87.4/MWh in SA, and no region recorded negative or capped price intervals. The highest interval price was $139.2/MWh in Tasmania at 07:15.

Demand peaked at 8786 MW in NSW at 17:55, while the instantaneous renewable share reached 72.5 per cent at 11:35. Coal accounted for 49.9 per cent of generation, followed by rooftop solar at 16.0 per cent and utility solar at 10.7 per cent. Batteries discharged 16,886 MWh with a net load of 2,930 MWh.

FCAS costs were highest for the raise regulation service at $35,726. Total emissions were 307,110 tonnes of carbon dioxide.

AEMO issued a foreseeable intervention notice for the SA region at 08:39, followed by an update at 09:02. AEMO issued directions in SA at 09:10, including to Torrens Island, and a direction to Barker Inlet Power Station at 11:26.

Today · Pre-dispatch forecasts show Queensland reaching $319.04/MWh at 19:30 and SA reaching $145.00/MWh at 18:30.

In context · The NEM average price of $78.1/MWh was above the seven-day average of $61.1/MWh and ranked third for the week. The SA average of $87.4/MWh was above its seven-day average of $48.2/MWh and ranked second for the week.

NSW $79VIC $78QLD $70SA $87TAS $76
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 $35 $70 $105 $140 $0 $33 $65 $98 $130 $0 $33 $65 $98 $130 $0 $35 $70 $105 $140 $0 $33 $65 $98 $130 04:00 10:00 16:00 22:00 04:00
Region Avg VWAP Min Max Neg Cap
NSW $79 $82 $22 $134 0 0
QLD $70 $73 $7 $121 0 0
SA $87 $94 $22 $135 0 0
VIC $78 $80 $19 $125 0 0
TAS $76 $76 $20 $139 0 0

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

Demand

NSW
Peak
8,786MW
17:55
Trough
4,745MW
11:55
Energy
332.8GWh
QLD
Peak
7,235MW
18:05
Trough
3,887MW
12:20
Energy
272.4GWh
SA
Peak
1,668MW
19:00
Trough
253MW
12:55
Energy
55.6GWh
VIC
Peak
5,794MW
18:45
Trough
3,634MW
11:05
Energy
224.1GWh
TAS
Peak
1,158MW
07:55
Trough
858MW
14:05
Energy
48.7GWh

FCAS

ServiceCostSpikesPeakWhen
RAISEREG$6,6660$1625 Sept, 15:45
LOWERREG$1,6910$525 Sept, 05:25
RAISE6SEC$1570$025 Sept, 04:50
RAISE60SEC$1390$025 Sept, 04:45
LOWER60SEC$440$025 Sept, 12:45
LOWER5MIN$340$025 Sept, 12:55
RAISE5MIN$290$025 Sept, 04:05
LOWER6SEC$290$025 Sept, 12:45
Total$8,789

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

ServiceCostSpikesPeakWhen
RAISEREG$8,0170$1625 Sept, 15:45
LOWERREG$3,9030$525 Sept, 05:25
RAISE6SEC$3150$025 Sept, 04:50
RAISE60SEC$2240$025 Sept, 04:45
LOWER60SEC$1700$025 Sept, 12:45
LOWER5MIN$470$025 Sept, 12:55
LOWER6SEC$370$025 Sept, 12:45
RAISE5MIN$250$025 Sept, 04:05
Total$12,737

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

ServiceCostSpikesPeakWhen
RAISEREG$8,9870$1625 Sept, 15:45
LOWERREG$2,5350$525 Sept, 05:25
RAISE6SEC$3900$025 Sept, 04:50
RAISE60SEC$3690$025 Sept, 04:45
LOWER60SEC$1000$025 Sept, 12:45
RAISE5MIN$850$025 Sept, 04:05
LOWER6SEC$480$025 Sept, 12:45
LOWER5MIN$370$025 Sept, 12:55
Total$12,550

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

ServiceCostSpikesPeakWhen
RAISEREG$2,9290$1625 Sept, 15:45
LOWERREG$2,8850$525 Sept, 05:25
RAISE6SEC$3060$025 Sept, 04:50
RAISE60SEC$2620$025 Sept, 04:45
LOWER60SEC$1070$025 Sept, 12:45
LOWER6SEC$610$025 Sept, 12:45
LOWER5MIN$510$025 Sept, 12:55
RAISE5MIN$480$025 Sept, 04:05
Total$6,648

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

ServiceCostSpikesPeakWhen
RAISEREG$9,1270$1325 Sept, 07:15
LOWERREG$9,0900$5025 Sept, 09:05
RAISE6SEC$3,5160$8625 Sept, 07:15
RAISE60SEC$6420$325 Sept, 07:35
LOWER6SEC$2300$325 Sept, 16:10
LOWER60SEC$1050$025 Sept, 04:10
RAISE5MIN$210$025 Sept, 04:05
LOWER5MIN$60$125 Sept, 15:35
Total$22,737

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

Battery dispatch

Peak moment

Fleet discharged 1,354 MW at 18:30 as NSW spot hit $95/MWh.

Peak moment

Fleet discharged 1,266 MW at 18:30 as QLD spot hit $86/MWh.

Peak moment

Fleet discharged 708 MW at 19:00 as VIC spot hit $92/MWh.

Peak moment

Fleet discharged 410 MW at 19:00 as SA spot hit $97/MWh.

Peak moment

Fleet discharged 3,578 MW at 19:00 as TAS spot hit $88/MWh.

Discharged
6,633MWh
peak 1,354 MW · 18:30
Charged
7,985MWh
peak 1,645 MW
Net
-1,352MWh
discharge − charge
Round-trip
83%
discharge / charge ratio
Discharged
5,628MWh
peak 1,266 MW · 18:30
Charged
6,306MWh
peak 1,193 MW
Net
-679MWh
discharge − charge
Round-trip
89%
discharge / charge ratio
Discharged
3,186MWh
peak 708 MW · 19:00
Charged
3,633MWh
peak 879 MW
Net
-447MWh
discharge − charge
Round-trip
88%
discharge / charge ratio
Discharged
1,439MWh
peak 410 MW · 19:00
Charged
1,891MWh
peak 505 MW
Net
-452MWh
discharge − charge
Round-trip
76%
discharge / charge ratio
NEM-wide
Discharged
16,886MWh
peak 3,578 MW · 19:00
Charged
19,816MWh
peak 3,939 MW
Net
-2,930MWh
discharge − charge
Round-trip
85%
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$0$50$100$15023:3006:3713:4520:5204:00

Regional dispatch ranking

RegionDischargedNet
#1NSW
6,633MWh
-1,352
#2QLD
5,628MWh
-679
#3VIC
3,186MWh
-447
#4SA
1,439MWh
-452

Generation Mix

TOP FUEL 49.3%
  • Coal49.3% · 103.0 GWh
  • Gas0.6% · 1.2 GWh
  • Hydro4.9% · 10.2 GWh
  • Wind8.5% · 17.8 GWh
  • Solar (utility)15.5% · 32.5 GWh
  • Solar (rooftop)17.9% · 37.5 GWh
  • Battery3.2% · 6.6 GWh
TOP FUEL 54.2%
  • Coal54.2% · 106.7 GWh
  • Gas2.6% · 5.2 GWh
  • Hydro1.6% · 3.1 GWh
  • Wind11.4% · 22.3 GWh
  • Solar (utility)10.2% · 20.1 GWh
  • Solar (rooftop)16.7% · 32.9 GWh
  • Battery2.9% · 5.6 GWh
  • Other0.4% · 0.7 GWh
TOP FUEL 65.2%
  • Coal65.2% · 93.4 GWh
  • Gas4.0% · 5.7 GWh
  • Hydro2.0% · 2.9 GWh
  • Wind8.7% · 12.4 GWh
  • Solar (utility)7.2% · 10.3 GWh
  • Solar (rooftop)10.7% · 15.3 GWh
  • Battery2.2% · 3.2 GWh
TOP FUEL 34.7%
  • Gas34.7% · 10.9 GWh
  • Wind22.0% · 6.9 GWh
  • Solar (utility)6.8% · 2.1 GWh
  • Solar (rooftop)32.0% · 10.1 GWh
  • Battery4.6% · 1.4 GWh
TOP FUEL 71.6%
  • Gas11.6% · 3.2 GWh
  • Hydro71.6% · 19.8 GWh
  • Wind11.9% · 3.3 GWh
  • Solar (rooftop)5.0% · 1.4 GWh
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
23:3005:3711:4517:5200:0011.2 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
23:3005:3711:4517:5200:009.6 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
23:3005:3711:4517:5200:006.8 GW 0
gasbattery dischargewindsolar utilitysolar rooftopBattery (charge)
23:3005:3711:4517:5200:002.1 GW 0
gashydrowindsolar rooftop
23:3005:3711:4517:5200:001.5 GW 0

Renewables

NSW · Daily renewable share
47.1%
VIC · Daily renewable share
32.5%
QLD · Daily renewable share
46.8%
SA · Daily renewable share
50.9%
TAS · Daily renewable share
88.0%
Peak instantaneous
72.5%
at 11:35
Daily NEM-wide share
42.9%
By region (daily share)
  • NSW
    47.1%
  • VIC
    32.5%
  • QLD
    46.8%
  • SA
    50.9%
  • TAS
    88.0%

Interconnectors

Region (proxy) Net flow Direction changes Hours at limit
N-Q-MNSP1 +25.7 GWh 14 —
NSW1-QLD1 −13.8 GWh 36 —
VIC1-NSW1 +4.3 GWh 27 —
V-SA −15.2 GWh 16 —
T-V-MNSP1 +1.4 GWh 2 —

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
307.1k tCO₂
▲ 17.4% vs same day last week
Intensity by region
NSW 90.4k tCO₂ 0.424 tCO₂/MWh
QLD 96.0k tCO₂ 0.481 tCO₂/MWh
SA 5.0k tCO₂ 0.154 tCO₂/MWh
VIC 113.8k tCO₂ 0.792 tCO₂/MWh
TAS 1.9k tCO₂ 0.072 tCO₂/MWh