NEM
NEM Daily analysis

Wednesday 28 October 2026

Trading day 2026-10-28

Market Snapshot

SA records 12.7 hours of negative prices as QLD averages $114.80/MWh

Regional prices ranged from $72.00/MWh in SA to $114.80/MWh in QLD, with the NEM average at $92.20/MWh. SA recorded 12.7 hours of negative prices, representing 52.8 per cent of its intervals for the day. VIC and TAS each had 0.7 hours of negative prices, while NSW and QLD recorded zero negative hours.

NSW recorded the highest demand peak of 8283 MW at 19:10, followed by QLD with 7756 MW at 18:20. Coal accounted for 49.6 per cent of generation, while rooftop solar provided 16.7 per cent and wind generated 14.5 per cent. Batteries discharged 13,223 MWh across the NEM with a net of -4305 MWh for the trading day.

The RAISE6SEC service cost $504,169 across the NEM, recording two spike intervals and reaching a peak price of $23,190/MW in TAS. Total emissions were 306,563 tCO2, which was 3.8 per cent below the same weekday last week.

Renewables reached an instantaneous peak of 72.1 per cent at 09:30. AEMO issued a market intervention notice at 09:30 directing AusNet to disconnect three VIC wind farms, alongside another intervention notice for VIC at 09:30. AEMO issued price review notices at 10:20 and 10:25 for the respective five-minute intervals.

Today · Pre-dispatch forecasts show prices peaking at $236.42/MWh in NSW at 19:00. All other regions forecast peaks between $206.13/MWh and $229.60/MWh at 19:00.

In context · The NEM average price of $92.20/MWh was above the seven-day average of $89.90/MWh, ranking fourth for the week. The QLD average of $114.80/MWh was the highest for that region in the seven-day period.

NSW $100VIC $89QLD $115SA $72TAS $84
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 $43 $85 $128 $170 $0 $40 $80 $120 $160 $0 $50 $100 $150 $200 -$160 -$62 $35 $133 $230 $0 $38 $75 $113 $150 05:00 11:00 17:00 23:00 05:00
Region Avg VWAP Min Max Neg Cap
NSW $100 $104 $9 $181 0 0
QLD $115 $117 $32 $190 0 0
SA $72 $108 -$232 $349 152 0
VIC $89 $90 -$5 $173 8 0
TAS $84 $86 -$5 $159 8 0

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

Demand

NSW
Peak
8,283MW
20:10
Trough
4,177MW
13:30
Energy
308.1GWh
QLD
Peak
7,756MW
19:20
Trough
5,343MW
09:40
Energy
311.2GWh
SA
Peak
1,498MW
20:40
Trough
80MW
15:15
Energy
45.0GWh
VIC
Peak
6,302MW
07:45
Trough
4,563MW
03:30
Energy
257.2GWh
TAS
Peak
1,111MW
20:25
Trough
800MW
13:10
Energy
44.8GWh

FCAS

ServiceCostSpikesPeakWhen
RAISEREG$5,4050$1228 Oct, 09:10
LOWERREG$3970$429 Oct, 04:40
RAISE6SEC$2150$028 Oct, 06:40
RAISE60SEC$1830$028 Oct, 06:50
LOWER60SEC$780$028 Oct, 10:25
RAISE5MIN$380$028 Oct, 06:55
LOWER6SEC$380$028 Oct, 14:50
LOWER5MIN$330$028 Oct, 10:25
Total$6,388

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

ServiceCostSpikesPeakWhen
RAISEREG$8,5770$1228 Oct, 09:10
LOWERREG$2,6520$429 Oct, 04:40
RAISE6SEC$2250$028 Oct, 06:40
LOWER60SEC$2030$028 Oct, 10:25
RAISE60SEC$1900$028 Oct, 06:50
LOWER6SEC$590$028 Oct, 14:50
LOWER5MIN$380$028 Oct, 10:25
RAISE5MIN$320$028 Oct, 06:55
Total$11,977

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

ServiceCostSpikesPeakWhen
RAISEREG$7,2900$1228 Oct, 09:10
LOWERREG$9830$429 Oct, 04:40
RAISE60SEC$2430$028 Oct, 06:50
RAISE6SEC$2410$028 Oct, 06:40
LOWER60SEC$1280$028 Oct, 10:25
RAISE5MIN$710$028 Oct, 06:55
LOWER6SEC$500$028 Oct, 14:50
LOWER5MIN$380$028 Oct, 10:25
Total$9,044

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

ServiceCostSpikesPeakWhen
RAISEREG$2,9550$1228 Oct, 09:10
LOWERREG$1,3950$429 Oct, 04:40
RAISE6SEC$2120$028 Oct, 06:40
RAISE60SEC$1890$028 Oct, 06:50
LOWER60SEC$950$028 Oct, 10:25
LOWER6SEC$480$028 Oct, 14:50
LOWER5MIN$370$028 Oct, 10:25
RAISE5MIN$280$028 Oct, 06:55
Total$4,959

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

ServiceCostSpikesPeakWhen
RAISE6SEC$503,2762$23,19028 Oct, 09:55
LOWERREG$36,1080$9428 Oct, 12:25
RAISEREG$11,9130$6228 Oct, 06:25
RAISE60SEC$5090$328 Oct, 09:55
LOWER6SEC$2660$328 Oct, 09:50
LOWER60SEC$920$128 Oct, 09:50
LOWER5MIN$260$228 Oct, 19:05
RAISE5MIN$220$028 Oct, 07:40
Total$552,211

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

Battery dispatch

Peak moment

Fleet discharged 1,182 MW at 20:00 as NSW spot hit $119/MWh.

Peak moment

Fleet discharged 642 MW at 19:30 as QLD spot hit $131/MWh.

Peak moment

Fleet discharged 665 MW at 20:00 as VIC spot hit $117/MWh.

Peak moment

Fleet discharged 342 MW at 20:00 as SA spot hit $121/MWh.

Peak moment

Fleet discharged 2,821 MW at 20:00 as TAS spot hit $108/MWh.

Discharged
5,696MWh
peak 1,182 MW · 20:00
Charged
7,955MWh
peak 1,266 MW
Net
-2,259MWh
discharge − charge
Round-trip
72%
discharge / charge ratio
Discharged
3,015MWh
peak 642 MW · 19:30
Charged
3,545MWh
peak 715 MW
Net
-530MWh
discharge − charge
Round-trip
85%
discharge / charge ratio
Discharged
2,752MWh
peak 665 MW · 20:00
Charged
3,891MWh
peak 717 MW
Net
-1,138MWh
discharge − charge
Round-trip
71%
discharge / charge ratio
Discharged
1,760MWh
peak 342 MW · 20:00
Charged
2,138MWh
peak 436 MW
Net
-378MWh
discharge − charge
Round-trip
82%
discharge / charge ratio
NEM-wide
Discharged
13,223MWh
peak 2,821 MW · 20:00
Charged
17,528MWh
peak 2,592 MW
Net
-4,305MWh
discharge − charge
Round-trip
75%
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-$200-$100$0$100$200$30000:3007:3714:4521:5205:00

Regional dispatch ranking

RegionDischargedNet
#1NSW
5,696MWh
-2,259
#2QLD
3,015MWh
-530
#3VIC
2,752MWh
-1,138
#4SA
1,760MWh
-378

Generation Mix

TOP FUEL 45.7%
  • Coal45.7% · 101.0 GWh
  • Gas1.6% · 3.6 GWh
  • Hydro3.2% · 7.1 GWh
  • Wind11.7% · 25.9 GWh
  • Solar (utility)14.4% · 31.9 GWh
  • Solar (rooftop)20.7% · 45.7 GWh
  • Battery2.6% · 5.7 GWh
TOP FUEL 69.2%
  • Coal69.2% · 128.7 GWh
  • Gas1.1% · 2.1 GWh
  • Hydro2.6% · 4.8 GWh
  • Wind5.3% · 9.8 GWh
  • Solar (utility)6.8% · 12.6 GWh
  • Solar (rooftop)13.3% · 24.8 GWh
  • Battery1.6% · 3.0 GWh
  • Other0.1% · 0.2 GWh
TOP FUEL 52.4%
  • Coal52.4% · 83.8 GWh
  • Gas0.6% · 0.9 GWh
  • Hydro4.2% · 6.7 GWh
  • Wind21.7% · 34.8 GWh
  • Solar (utility)8.4% · 13.4 GWh
  • Solar (rooftop)11.1% · 17.7 GWh
  • Battery1.7% · 2.8 GWh
TOP FUEL 42.0%
  • Gas20.8% · 7.6 GWh
  • Wind27.7% · 10.1 GWh
  • Solar (utility)4.7% · 1.7 GWh
  • Solar (rooftop)42.0% · 15.3 GWh
  • Battery4.8% · 1.8 GWh
TOP FUEL 55.6%
  • Hydro55.6% · 15.9 GWh
  • Wind37.8% · 10.8 GWh
  • Solar (rooftop)6.7% · 1.9 GWh
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
00:3006:3712:4518:5201:0011.8 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:0010.2 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
00:3006:3712:4518:5201:007.9 GW 0
gasbattery dischargewindsolar utilitysolar rooftopBattery (charge)
00:3006:3712:4518:5201:002.3 GW 0
hydrowindsolar rooftop
00:3006:3712:4518:5201:001.5 GW 0

Renewables

NSW · Daily renewable share
54.9%
VIC · Daily renewable share
47.6%
QLD · Daily renewable share
28.6%
SA · Daily renewable share
71.6%
TAS · Daily renewable share
102.4%
Peak instantaneous
72.1%
at 10:30
Daily NEM-wide share
45.4%
By region (daily share)
  • NSW
    54.9%
  • VIC
    47.6%
  • QLD
    28.6%
  • SA
    71.6%
  • TAS
    102.4%

Interconnectors

Region (proxy) Net flow Direction changes Hours at limit
N-Q-MNSP1 −8.0 GWh 4 —
NSW1-QLD1 +13.5 GWh 4 —
VIC1-NSW1 +1.6 GWh 30 —
V-SA −6.3 GWh 22 —
T-V-MNSP1 +2.0 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
306.6k tCO₂
▼ 3.8% vs same day last week
Intensity by region
NSW 89.2k tCO₂ 0.398 tCO₂/MWh
QLD 114.1k tCO₂ 0.612 tCO₂/MWh
SA 3.7k tCO₂ 0.098 tCO₂/MWh
VIC 99.6k tCO₂ 0.623 tCO₂/MWh
TAS 0 tCO₂ 0.000 tCO₂/MWh