Snowy Hydro announced its pumped hydro project costs have escalated to $25 billion, representing a twelvefold increase from the original budget. The developer reported that tunnelling work for the storage facility is currently 65 per cent complete. The expected commissioning date for the project has been delayed until late 2029. In a separate pumped hydro development, Alinta Energy withdrew plans for the $1.8 billion Oven Mountain project in northern New South Wales. The developer attributed the cancellation of the energy storage facility to economic challenges.
The NEM recorded an average spot price of $87.80/MWh, placing it 32.6 per cent above the seven day average of $66.20/MWh. Regional averages included Queensland at $112.50/MWh, New South Wales at $111.40/MWh, Tasmania at $98.50/MWh, South Australia at $69.70/MWh and Victoria at $46.70/MWh. South Australia experienced 15.3 hours of negative prices, reaching a minimum of negative $41/MWh at 08:25. Victoria recorded 10.2 hours of negative prices and registered the highest price of $299/MWh at 19:25. New South Wales registered the demand peak of 8,629 MW at 18:40. Renewables supplied 45.9 per cent of energy across the trading day, reaching an instantaneous peak of 66.4 per cent at 11:50. Grid scale batteries discharged 12,745 MWh.
AEMO reported the connection pipeline reached 80.9 GW this quarter, exceeding the grid's existing 77 GW capacity for the first time. The market operator stated the 43 per cent annual increase in generation and storage proposals is primarily fuelled by battery projects. This volume of generation and firming projects is currently advancing through various stages of the formal grid integration process. AEMO also released its third quarter Quarterly Energy Dynamics report. The document shows average underlying demand hit record highs, rising 1.3 per cent due to electrification and data centres. Operational demand dipped 0.2 per cent across the quarter. Victoria recorded a doubling of its data centre load to 225 MW, with 3.2 GW of additional capacity now in the implementation phase.
NextDC experienced a $3 billion market value loss after community opposition to a proposed transmission line for its Sydney data centre expansion. The incident highlights social license risks for infrastructure required to support artificial intelligence power demands. AGL Energy referred its Abermain Battery project near Tivoli in Queensland for federal environmental assessment under the EPBC Act. The proposed grid scale storage facility forms part of the gentailer's broader transition strategy targeting 1.4 GW of new capacity. WattClarity estimated that NEM battery revenue decreased from $85.4 million to $13.2 million between the 2025 and 2026 winter periods. WattClarity stated that analysis of fleet wide bidding behaviour indicates increased storage penetration is suppressing volatility and eroding incumbent returns. WattClarity also published commentary identifying three emerging themes for the All Energy 2026 conference, focusing on how industry participants will navigate evolving market dynamics. WattClarity noted a specific conference session focusing on autobidders and optimisers. WattClarity published a brief analysis looking at the Q-NIL_BI_RADIAL constraint set.
AEMO lodged an application with the Fair Work Commission seeking to terminate or suspend protected industrial action by approximately 110 Professionals Australia members. AER accepted an application from Leda Holdings for an individual retail exemption at the South Point Shopping Centre in Tuggeranong. AEMO published a discussion paper on its Guide to Registration Exemptions and Production Unit Classifications. Transgrid opened six new cabins at the Crookwell Caravan Park to create more places for visitors to stay while exploring the Upper Lachlan Shire. Brent Crude increased 4.2 per cent to US$113.42 a barrel. Gold decreased 2.6 per cent to US$4,044 an ounce. TTF Gas increased 3.3 per cent to EUR90.30/MWh.