NEM
NEM Daily analysis

Tuesday 27 October 2026

Trading day 2026-10-27

Market Snapshot

SA records 16.7 hours of negative prices as NEM averages $98.1/MWh

The NEM average price was $98.1/MWh, with QLD recording the highest regional average at $105.3/MWh. SA experienced 16.7 hours of negative prices, representing 69.4 per cent of its intervals, while VIC reached a maximum price of $268.3/MWh at 05:55.

NSW recorded the highest demand peak of 8386 MW at 18:45, and batteries discharged 22,331 MWh across the day. Coal accounted for 49.8 per cent of the generation mix, while the instantaneous renewable share peaked at 71.9 per cent at 12:25.

Total emissions were 317,709 tCO2, and the RAISE6SEC service cost $547,141, recording two price spikes and peaking at $23,190/MW in TAS.

AEMO issued price review notices between 07:55 and 08:10, and a reserve notice for MT PASA was published at 13:14. AEMO reported a non-credible contingency event in NSW at 14:10, providing an update at 14:31.

Today · Pre-dispatch forecasts show prices peaking at $189.59/MWh in QLD at 23:00 and $178.24/MWh in NSW at 23:00.

In context · The NEM average price was 8.4 per cent above the seven-day average of $91.9/MWh, ranking fourth for the week. The SA average of $66.9/MWh was below its seven-day average of $75.2/MWh, ranking sixth across the seven-day period.

NSW $104VIC $102QLD $105SA $67TAS $98
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 $53 $105 $158 $210 $0 $43 $85 $128 $170 -$80 -$10 $60 $130 $200 $0 $48 $95 $143 $190 05:00 11:00 17:00 23:00 05:00
Region Avg VWAP Min Max Neg Cap
NSW $104 $107 $52 $173 0 0
QLD $105 $108 $48 $175 0 0
SA $67 $97 -$101 $231 200 0
VIC $102 $104 $36 $268 0 0
TAS $98 $100 $38 $248 0 0

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

Demand

NSW
Peak
8,386MW
19:45
Trough
4,670MW
13:45
Energy
319.6GWh
QLD
Peak
8,094MW
19:35
Trough
4,669MW
11:00
Energy
304.6GWh
SA
Peak
1,470MW
20:45
Trough
85MW
14:15
Energy
45.6GWh
VIC
Peak
6,559MW
07:20
Trough
4,333MW
14:10
Energy
252.1GWh
TAS
Peak
1,226MW
07:05
Trough
719MW
14:15
Energy
47.0GWh

FCAS

ServiceCostSpikesPeakWhen
RAISEREG$6,0430$1627 Oct, 22:05
LOWERREG$1,2190$1327 Oct, 17:05
RAISE6SEC$1900$028 Oct, 01:45
RAISE60SEC$1410$027 Oct, 06:45
LOWER60SEC$1020$027 Oct, 16:00
LOWER5MIN$470$027 Oct, 16:35
LOWER6SEC$400$027 Oct, 15:40
RAISE5MIN$360$028 Oct, 01:20
Total$7,819

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

ServiceCostSpikesPeakWhen
RAISEREG$6,4100$1627 Oct, 22:05
LOWERREG$4,4200$1327 Oct, 17:05
RAISE6SEC$3570$028 Oct, 01:45
LOWER60SEC$2690$027 Oct, 16:00
RAISE60SEC$2570$027 Oct, 06:45
LOWER5MIN$880$027 Oct, 16:35
LOWER6SEC$650$027 Oct, 15:40
RAISE5MIN$400$028 Oct, 01:20
Total$11,908

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

ServiceCostSpikesPeakWhen
RAISEREG$6,4390$1627 Oct, 22:05
LOWERREG$2,6930$1327 Oct, 17:05
RAISE6SEC$3700$028 Oct, 01:45
RAISE60SEC$3410$027 Oct, 06:45
LOWER60SEC$1410$027 Oct, 16:00
RAISE5MIN$870$028 Oct, 01:20
LOWER5MIN$540$027 Oct, 16:35
LOWER6SEC$500$027 Oct, 15:40
Total$10,176

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

ServiceCostSpikesPeakWhen
RAISEREG$3,9930$1627 Oct, 22:05
LOWERREG$2,4310$1327 Oct, 17:05
RAISE6SEC$3430$028 Oct, 01:45
RAISE60SEC$2740$027 Oct, 06:45
LOWER60SEC$1340$027 Oct, 16:00
RAISE5MIN$560$028 Oct, 01:20
LOWER6SEC$550$027 Oct, 15:40
LOWER5MIN$490$027 Oct, 16:35
Total$7,336

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

ServiceCostSpikesPeakWhen
RAISE6SEC$545,8802$23,19027 Oct, 17:05
RAISEREG$10,8830$5227 Oct, 07:20
LOWERREG$5,7070$5127 Oct, 13:05
LOWER6SEC$6940$327 Oct, 08:10
RAISE60SEC$6830$327 Oct, 18:35
LOWER60SEC$2070$127 Oct, 08:10
RAISE5MIN$480$127 Oct, 18:35
LOWER5MIN$180$227 Oct, 18:05
Total$564,120

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

Battery dispatch

Peak moment

Fleet discharged 1,488 MW at 20:30 as NSW spot hit $119/MWh.

Peak moment

Fleet discharged 1,295 MW at 19:30 as QLD spot hit $123/MWh.

Peak moment

Fleet discharged 909 MW at 20:30 as VIC spot hit $119/MWh.

Peak moment

Fleet discharged 266 MW at 20:30 as SA spot hit $117/MWh.

Peak moment

Fleet discharged 3,728 MW at 20:30 as TAS spot hit $112/MWh.

Discharged
9,710MWh
peak 1,488 MW · 20:30
Charged
8,809MWh
peak 1,608 MW
Net
+901MWh
discharge − charge
Round-trip
110%
discharge / charge ratio
Discharged
5,320MWh
peak 1,295 MW · 19:30
Charged
6,091MWh
peak 1,219 MW
Net
-771MWh
discharge − charge
Round-trip
87%
discharge / charge ratio
Discharged
5,606MWh
peak 909 MW · 20:30
Charged
4,477MWh
peak 1,046 MW
Net
+1,130MWh
discharge − charge
Round-trip
125%
discharge / charge ratio
Discharged
1,695MWh
peak 266 MW · 20:30
Charged
1,694MWh
peak 317 MW
Net
+1MWh
discharge − charge
Round-trip
100%
discharge / charge ratio
NEM-wide
Discharged
22,331MWh
peak 3,728 MW · 20:30
Charged
21,071MWh
peak 3,874 MW
Net
+1,260MWh
discharge − charge
Round-trip
106%
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
9,710MWh
+901
#2VIC
5,606MWh
+1,130
#3QLD
5,320MWh
-771
#4SA
1,695MWh
+1

Generation Mix

TOP FUEL 49.8%
  • Coal49.8% · 107.3 GWh
  • Gas2.3% · 4.9 GWh
  • Hydro2.7% · 5.8 GWh
  • Wind5.4% · 11.6 GWh
  • Solar (utility)15.7% · 33.8 GWh
  • Solar (rooftop)18.9% · 40.7 GWh
  • Battery4.5% · 9.7 GWh
  • Other0.9% · 1.9 GWh
TOP FUEL 62.3%
  • Coal62.3% · 128.4 GWh
  • Gas0.5% · 1.1 GWh
  • Hydro3.3% · 6.7 GWh
  • Wind3.2% · 6.5 GWh
  • Solar (utility)11.1% · 22.9 GWh
  • Solar (rooftop)17.0% · 35.0 GWh
  • Battery2.6% · 5.3 GWh
TOP FUEL 55.0%
  • Coal55.0% · 87.7 GWh
  • Gas0.8% · 1.3 GWh
  • Hydro7.8% · 12.5 GWh
  • Wind11.4% · 18.1 GWh
  • Solar (utility)6.9% · 11.1 GWh
  • Solar (rooftop)13.8% · 22.0 GWh
  • Battery3.5% · 5.6 GWh
  • Other0.7% · 1.1 GWh
TOP FUEL 39.0%
  • Gas22.6% · 8.6 GWh
  • Wind29.0% · 11.0 GWh
  • Solar (utility)5.0% · 1.9 GWh
  • Solar (rooftop)39.0% · 14.8 GWh
  • Battery4.5% · 1.7 GWh
TOP FUEL 65.0%
  • Gas0.2% · 0.1 GWh
  • Hydro65.0% · 19.6 GWh
  • Wind27.8% · 8.4 GWh
  • Solar (rooftop)7.0% · 2.1 GWh
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:0010.8 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
00:3006:3712:4518:5201:0011.3 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:008.0 GW 0
gasbattery dischargewindsolar utilitysolar rooftopBattery (charge)
00:3006:3712:4518:5201:002.4 GW 0
gashydrowindsolar rooftop
00:3006:3712:4518:5201:001.7 GW 0

Renewables

NSW · Daily renewable share
47.7%
VIC · Daily renewable share
43.8%
QLD · Daily renewable share
38.5%
SA · Daily renewable share
73.8%
TAS · Daily renewable share
103.0%
Peak instantaneous
71.9%
at 13:25
Daily NEM-wide share
44.5%
By region (daily share)
  • NSW
    47.7%
  • VIC
    43.8%
  • QLD
    38.5%
  • SA
    73.8%
  • TAS
    103.0%

Interconnectors

Region (proxy) Net flow Direction changes Hours at limit
N-Q-MNSP1 +5.6 GWh 32 —
NSW1-QLD1 −4.0 GWh 40 —
VIC1-NSW1 +4.7 GWh 15 —
V-SA −5.0 GWh 14 —
T-V-MNSP1 +1.0 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
317.7k tCO₂
▲ 13.7% vs same day last week
Intensity by region
NSW 95.3k tCO₂ 0.431 tCO₂/MWh
QLD 113.3k tCO₂ 0.543 tCO₂/MWh
SA 4.3k tCO₂ 0.109 tCO₂/MWh
VIC 104.8k tCO₂ 0.651 tCO₂/MWh
TAS 44 tCO₂ 0.002 tCO₂/MWh