NEM
NEM Daily analysis

Friday 23 October 2026

Trading day 2026-10-23

Market Snapshot

Victoria recorded 16.5 hours of negative prices during the trading day

New South Wales recorded the highest average price at 117.6 $/MWh, while Victoria recorded the lowest at 62.5 $/MWh. Victoria saw 16.5 hours of negative prices, and South Australia recorded 5.7 hours. Maximum prices reached 258.7 $/MWh in Tasmania at 13:40 and 225.6 $/MWh in Victoria at 17:55.

Demand peaked at 8341 MW in New South Wales at 18:40, while Victorian demand reached 7367 MW at 17:45. Queensland demand hit a high of 7306 MW at 18:30.

Coal accounted for 46.5 per cent of generation, followed by wind at 19.0 per cent and rooftop solar at 15.4 per cent. The instantaneous renewable share peaked at 71.7 per cent at 12:10, and batteries discharged 14,263 MWh with a net position of -1976 MWh.

Total FCAS costs were $99,990, with the highest peak price reaching 259 $/MW for the RAISE6SEC service in Tasmania. Emissions totalled 290,353 tonnes of carbon dioxide, sitting 2.0 per cent above the same weekday last week.

Today · Pre-dispatch forecasts indicate morning price peaks at 06:00 across all regions, reaching 124.61 $/MWh in Victoria and 123.99 $/MWh in New South Wales.

In context · The NEM average price ranked third highest over the past seven days, sitting above the seven-day average of 70.6 $/MWh. The Victorian average of 62.5 $/MWh was above its seven-day average of 40.0 $/MWh.

NSW $118VIC $62QLD $107SA $86TAS $108
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 $45 $90 $135 $180 -$40 $18 $75 $133 $190 $0 $40 $80 $120 $160 -$10 $38 $85 $133 $180 $0 $35 $70 $105 $140 05:00 11:00 17:00 23:00 05:00
Region Avg VWAP Min Max Neg Cap
NSW $118 $119 $69 $202 0 0
QLD $107 $109 $63 $175 0 0
SA $86 $90 -$66 $218 68 0
VIC $62 $69 -$34 $226 198 0
TAS $108 $108 $89 $259 0 0

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

Demand

NSW
Peak
8,341MW
19:40
Trough
6,010MW
13:25
Energy
341.9GWh
QLD
Peak
7,306MW
19:30
Trough
5,201MW
14:40
Energy
292.2GWh
SA
Peak
1,582MW
20:00
Trough
663MW
15:10
Energy
61.9GWh
VIC
Peak
7,367MW
18:45
Trough
4,066MW
11:55
Energy
253.7GWh
TAS
Peak
1,125MW
18:35
Trough
862MW
11:50
Energy
47.2GWh

FCAS

ServiceCostSpikesPeakWhen
RAISEREG$7,5440$1623 Oct, 17:45
LOWERREG$1,4440$1023 Oct, 08:45
RAISE6SEC$1320$023 Oct, 19:15
RAISE60SEC$1270$023 Oct, 05:25
LOWER60SEC$970$023 Oct, 14:50
LOWER6SEC$510$023 Oct, 13:00
LOWER5MIN$410$023 Oct, 15:05
RAISE5MIN$330$023 Oct, 19:35
Total$9,470

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

ServiceCostSpikesPeakWhen
RAISEREG$9,7000$1623 Oct, 17:45
LOWERREG$5,8200$1023 Oct, 08:45
LOWER60SEC$2490$023 Oct, 14:50
RAISE6SEC$2470$023 Oct, 19:15
RAISE60SEC$2440$023 Oct, 05:25
LOWER6SEC$1380$023 Oct, 13:00
LOWER5MIN$510$023 Oct, 15:05
RAISE5MIN$390$023 Oct, 19:35
Total$16,488

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

ServiceCostSpikesPeakWhen
RAISEREG$13,7810$1623 Oct, 17:45
LOWERREG$3,0300$1023 Oct, 08:45
RAISE60SEC$2880$023 Oct, 05:25
RAISE6SEC$2780$023 Oct, 19:15
LOWER60SEC$1560$023 Oct, 14:50
LOWER6SEC$860$023 Oct, 13:00
RAISE5MIN$790$023 Oct, 19:35
LOWER5MIN$430$023 Oct, 15:05
Total$17,740

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

ServiceCostSpikesPeakWhen
RAISEREG$4,4700$1623 Oct, 17:45
LOWERREG$4,3930$1023 Oct, 08:45
LOWER60SEC$2820$023 Oct, 14:50
RAISE6SEC$2670$023 Oct, 19:15
RAISE60SEC$2590$023 Oct, 05:25
LOWER6SEC$1770$023 Oct, 13:00
LOWER5MIN$600$023 Oct, 15:05
RAISE5MIN$470$023 Oct, 19:35
Total$9,954

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

ServiceCostSpikesPeakWhen
RAISE6SEC$17,9990$25923 Oct, 14:40
RAISEREG$10,7030$11323 Oct, 14:40
LOWER6SEC$8,1600$323 Oct, 05:05
LOWERREG$3,3730$323 Oct, 21:25
RAISE60SEC$3,0660$323 Oct, 08:30
LOWER60SEC$2,6290$723 Oct, 16:05
RAISE5MIN$3100$023 Oct, 05:10
LOWER5MIN$1000$123 Oct, 14:05
Total$46,339

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

Battery dispatch

Peak moment

Fleet discharged 1,217 MW at 20:00 as NSW spot hit $155/MWh.

Peak moment

Fleet discharged 1,188 MW at 19:30 as QLD spot hit $133/MWh.

Peak moment

Fleet discharged 759 MW at 20:00 as VIC spot hit $154/MWh.

Peak moment

Fleet discharged 343 MW at 20:30 as SA spot hit $149/MWh.

Peak moment

Fleet discharged 3,315 MW at 20:00 as TAS spot hit $104/MWh.

Discharged
5,179MWh
peak 1,217 MW · 20:00
Charged
4,295MWh
peak 938 MW
Net
+883MWh
discharge − charge
Round-trip
121%
discharge / charge ratio
Discharged
4,404MWh
peak 1,188 MW · 19:30
Charged
4,208MWh
peak 577 MW
Net
+197MWh
discharge − charge
Round-trip
105%
discharge / charge ratio
Discharged
3,430MWh
peak 759 MW · 20:00
Charged
5,413MWh
peak 1,016 MW
Net
-1,983MWh
discharge − charge
Round-trip
63%
discharge / charge ratio
Discharged
1,250MWh
peak 343 MW · 20:30
Charged
2,323MWh
peak 609 MW
Net
-1,073MWh
discharge − charge
Round-trip
54%
discharge / charge ratio
NEM-wide
Discharged
14,263MWh
peak 3,315 MW · 20:00
Charged
16,239MWh
peak 2,547 MW
Net
-1,976MWh
discharge − charge
Round-trip
88%
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$20000:3007:3714:4521:5205:00

Regional dispatch ranking

RegionDischargedNet
#1NSW
5,179MWh
+883
#2QLD
4,404MWh
+197
#3VIC
3,430MWh
-1,983
#4SA
1,250MWh
-1,073

Generation Mix

TOP FUEL 51.5%
  • Coal51.5% · 99.2 GWh
  • Gas0.7% · 1.3 GWh
  • Hydro3.8% · 7.4 GWh
  • Wind9.2% · 17.8 GWh
  • Solar (utility)15.1% · 29.1 GWh
  • Solar (rooftop)16.0% · 30.8 GWh
  • Battery2.7% · 5.2 GWh
  • Other1.0% · 1.8 GWh
TOP FUEL 62.9%
  • Coal62.9% · 126.3 GWh
  • Gas0.8% · 1.7 GWh
  • Hydro2.0% · 4.0 GWh
  • Wind12.0% · 24.2 GWh
  • Solar (utility)6.3% · 12.6 GWh
  • Solar (rooftop)13.1% · 26.4 GWh
  • Battery2.2% · 4.4 GWh
  • Other0.6% · 1.1 GWh
TOP FUEL 38.1%
  • Coal38.1% · 70.6 GWh
  • Gas2.1% · 3.9 GWh
  • Hydro3.8% · 7.1 GWh
  • Wind32.1% · 59.5 GWh
  • Solar (utility)5.7% · 10.6 GWh
  • Solar (rooftop)16.2% · 30.1 GWh
  • Battery1.9% · 3.4 GWh
TOP FUEL 41.7%
  • Gas23.2% · 7.9 GWh
  • Wind41.7% · 14.1 GWh
  • Solar (utility)5.6% · 1.9 GWh
  • Solar (rooftop)25.9% · 8.8 GWh
  • Battery3.7% · 1.3 GWh
TOP FUEL 69.6%
  • Gas3.3% · 0.9 GWh
  • Hydro69.6% · 19.4 GWh
  • Wind20.3% · 5.7 GWh
  • Solar (rooftop)6.8% · 1.9 GWh
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:0010.0 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:0010.9 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
00:3006:3712:4518:5201:009.3 GW 0
gasbattery dischargewindsolar utilitysolar rooftopBattery (charge)
00:3006:3712:4518:5201:002.1 GW 0
gashydrowindsolar rooftop
00:3006:3712:4518:5201:001.3 GW 0

Renewables

NSW · Daily renewable share
42.9%
VIC · Daily renewable share
65.2%
QLD · Daily renewable share
39.4%
SA · Daily renewable share
59.7%
TAS · Daily renewable share
99.5%
Peak instantaneous
71.7%
at 13:10
Daily NEM-wide share
49.2%
By region (daily share)
  • NSW
    42.9%
  • VIC
    65.2%
  • QLD
    39.4%
  • SA
    59.7%
  • TAS
    99.5%

Interconnectors

Region (proxy) Net flow Direction changes Hours at limit
N-Q-MNSP1 +28.9 GWh 2 —
NSW1-QLD1 −30.5 GWh 12 —
VIC1-NSW1 +14.3 GWh 15 —
V-SA −13.7 GWh 21 —
T-V-MNSP1 +4.2 GWh 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
290.4k tCO₂
▲ 2.0% vs same day last week
Intensity by region
NSW 87.4k tCO₂ 0.452 tCO₂/MWh
QLD 111.7k tCO₂ 0.555 tCO₂/MWh
SA 3.8k tCO₂ 0.110 tCO₂/MWh
VIC 86.8k tCO₂ 0.468 tCO₂/MWh
TAS 610 tCO₂ 0.022 tCO₂/MWh