NEM
NEM Daily analysis

Monday 2 November 2026

Trading day 2026-11-02

Market Snapshot

SA records 17 hours of negative prices

Regional prices ranged from $70.80/MWh in SA to $122.60/MWh in NSW. SA recorded 17.0 hours of negative prices, while QLD had 0.2 hours. No region recorded cap intervals, with the highest price reaching $207.60/MWh in VIC at 10:10.

NSW recorded the highest demand peak of 8731 MW at 17:40, while QLD demand peaked at 8388 MW at 18:30 and VIC reached 5979 MW at 18:00.

Coal accounted for 50.5 per cent of the generation mix, followed by rooftop solar at 16.1 per cent and wind at 9.9 per cent. Renewables provided 44.9 per cent of total energy, while batteries discharged 17,991 MWh with a net output of 1382 MWh.

Total emissions were 312,028 tonnes of carbon dioxide, representing a 3.8 per cent increase from the same weekday last week. FCAS costs were highest for the raise regulation service at $45,480, with no price spikes recorded across any markets.

Today · Pre-dispatch forecasts show TAS reaching a peak price of $400.06/MWh at 07:00. Other regional prices are forecast to peak between $217.98/MWh and $249.51/MWh at 21:30.

In context · The NEM average price of $110.40/MWh was 49.5 per cent above the seven-day average and ranked highest for the week. NSW, VIC and TAS also recorded their highest daily average prices of the past seven days.

NSW $123VIC $122QLD $94SA $71TAS $114
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 $45 $90 $135 $180 $0 $45 $90 $135 $180 -$20 $23 $65 $108 $150 $0 $43 $85 $128 $170 05:00 11:00 17:00 23:00 05:00
Region Avg VWAP Min Max Neg Cap
NSW $123 $124 $90 $195 0 0
QLD $94 $101 -$5 $198 2 0
SA $71 $93 -$20 $172 204 0
VIC $122 $124 $90 $208 0 0
TAS $114 $114 $88 $190 0 0

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

Demand

NSW
Peak
8,731MW
18:40
Trough
4,971MW
12:30
Energy
338.3GWh
QLD
Peak
8,388MW
19:30
Trough
4,422MW
11:35
Energy
299.7GWh
SA
Peak
1,469MW
20:10
Trough
80MW
14:15
Energy
46.4GWh
VIC
Peak
5,979MW
19:00
Trough
4,187MW
04:55
Energy
249.8GWh
TAS
Peak
1,181MW
20:20
Trough
811MW
13:10
Energy
47.6GWh

FCAS

ServiceCostSpikesPeakWhen
RAISEREG$9,3680$162 Nov, 16:50
LOWERREG$5910$42 Nov, 06:10
RAISE6SEC$1660$02 Nov, 19:15
RAISE60SEC$1470$02 Nov, 06:25
LOWER60SEC$720$02 Nov, 16:45
RAISE5MIN$490$02 Nov, 05:05
LOWER5MIN$440$02 Nov, 16:10
LOWER6SEC$330$02 Nov, 16:50
Total$10,470

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

ServiceCostSpikesPeakWhen
RAISEREG$9,0820$162 Nov, 16:50
LOWERREG$2,0310$42 Nov, 06:10
RAISE6SEC$1980$02 Nov, 19:15
RAISE60SEC$1570$02 Nov, 06:25
LOWER60SEC$460$02 Nov, 16:45
RAISE5MIN$420$02 Nov, 05:05
LOWER5MIN$290$02 Nov, 16:10
LOWER6SEC$210$02 Nov, 16:50
Total$11,605

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

ServiceCostSpikesPeakWhen
RAISEREG$8,8150$162 Nov, 16:50
LOWERREG$1,1310$42 Nov, 06:10
RAISE60SEC$1370$02 Nov, 06:25
RAISE6SEC$1280$02 Nov, 19:15
RAISE5MIN$720$02 Nov, 05:05
LOWER60SEC$710$02 Nov, 16:45
LOWER5MIN$400$02 Nov, 16:10
LOWER6SEC$320$02 Nov, 16:50
Total$10,425

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

ServiceCostSpikesPeakWhen
RAISEREG$7,7060$162 Nov, 16:50
LOWER60SEC$4,2890$202 Nov, 16:15
LOWERREG$3,4800$42 Nov, 06:10
LOWER6SEC$1,6480$92 Nov, 15:35
LOWER5MIN$2000$02 Nov, 16:45
RAISE6SEC$1820$02 Nov, 19:15
RAISE60SEC$1580$02 Nov, 06:25
RAISE5MIN$490$02 Nov, 05:05
Total$17,712

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

ServiceCostSpikesPeakWhen
RAISEREG$10,5090$522 Nov, 05:40
RAISE6SEC$7,2990$603 Nov, 03:50
LOWERREG$3,1800$33 Nov, 03:10
RAISE60SEC$4500$33 Nov, 03:50
LOWER6SEC$2680$32 Nov, 10:05
LOWER60SEC$1500$23 Nov, 03:10
RAISE5MIN$240$02 Nov, 10:00
LOWER5MIN$80$02 Nov, 10:05
Total$21,888

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

Battery dispatch

Peak moment

Fleet discharged 1,520 MW at 20:00 as NSW spot hit $143/MWh.

Peak moment

Fleet discharged 1,620 MW at 19:30 as QLD spot hit $145/MWh.

Peak moment

Fleet discharged 696 MW at 20:00 as VIC spot hit $133/MWh.

Peak moment

Fleet discharged 385 MW at 20:30 as SA spot hit $127/MWh.

Peak moment

Fleet discharged 3,949 MW at 20:00 as TAS spot hit $124/MWh.

Discharged
6,039MWh
peak 1,520 MW · 20:00
Charged
4,819MWh
peak 1,304 MW
Net
+1,220MWh
discharge − charge
Round-trip
125%
discharge / charge ratio
Discharged
5,798MWh
peak 1,620 MW · 19:30
Charged
6,455MWh
peak 1,465 MW
Net
-657MWh
discharge − charge
Round-trip
90%
discharge / charge ratio
Discharged
3,808MWh
peak 696 MW · 20:00
Charged
3,070MWh
peak 594 MW
Net
+738MWh
discharge − charge
Round-trip
124%
discharge / charge ratio
Discharged
2,346MWh
peak 385 MW · 20:30
Charged
2,265MWh
peak 442 MW
Net
+81MWh
discharge − charge
Round-trip
104%
discharge / charge ratio
NEM-wide
Discharged
17,991MWh
peak 3,949 MW · 20:00
Charged
16,609MWh
peak 2,740 MW
Net
+1,382MWh
discharge − charge
Round-trip
108%
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-$50$0$50$100$150$20000:3007:3714:4521:5205:00

Regional dispatch ranking

RegionDischargedNet
#1NSW
6,039MWh
+1,220
#2QLD
5,798MWh
-657
#3VIC
3,808MWh
+738
#4SA
2,346MWh
+81

Generation Mix

TOP FUEL 57.2%
  • Coal57.2% · 112.7 GWh
  • Gas1.5% · 3.1 GWh
  • Hydro4.5% · 8.8 GWh
  • Wind4.7% · 9.2 GWh
  • Solar (utility)9.1% · 18.0 GWh
  • Solar (rooftop)18.9% · 37.4 GWh
  • Battery3.1% · 6.0 GWh
  • Other1.0% · 2.0 GWh
TOP FUEL 56.9%
  • Coal56.9% · 124.9 GWh
  • Gas0.9% · 2.1 GWh
  • Hydro3.6% · 7.9 GWh
  • Wind4.4% · 9.7 GWh
  • Solar (utility)13.5% · 29.6 GWh
  • Solar (rooftop)18.0% · 39.6 GWh
  • Battery2.6% · 5.8 GWh
  • Other0.1% · 0.2 GWh
TOP FUEL 62.1%
  • Coal62.1% · 83.1 GWh
  • Gas2.6% · 3.5 GWh
  • Hydro7.4% · 9.9 GWh
  • Wind11.7% · 15.7 GWh
  • Solar (utility)5.3% · 7.1 GWh
  • Solar (rooftop)7.4% · 9.9 GWh
  • Battery2.8% · 3.8 GWh
  • Other0.6% · 0.8 GWh
TOP FUEL 54.2%
  • Gas10.1% · 5.0 GWh
  • Wind54.2% · 27.1 GWh
  • Solar (utility)4.2% · 2.1 GWh
  • Solar (rooftop)26.6% · 13.3 GWh
  • Battery4.7% · 2.3 GWh
  • Other0.1% · 0.0 GWh
TOP FUEL 90.5%
  • Gas0.1% · 0.0 GWh
  • Hydro90.5% · 30.8 GWh
  • Wind2.8% · 0.9 GWh
  • Solar (rooftop)6.7% · 2.3 GWh
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:0010.3 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:0011.8 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:006.5 GW 0
gasbattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:002.5 GW 0
gashydrowindsolar rooftop
00:3006:3712:4518:5201:001.5 GW 0

Renewables

NSW · Daily renewable share
37.4%
VIC · Daily renewable share
32.4%
QLD · Daily renewable share
46.4%
SA · Daily renewable share
112.4%
TAS · Daily renewable share
124.0%
Peak instantaneous
70.0%
at 13:30
Daily NEM-wide share
44.9%
By region (daily share)
  • NSW
    37.4%
  • VIC
    32.4%
  • QLD
    46.4%
  • SA
    112.4%
  • TAS
    124.0%

Interconnectors

Region (proxy) Net flow Direction changes Hours at limit
N-Q-MNSP1 +29.7 GWh 16 —
NSW1-QLD1 −36.5 GWh 2 —
VIC1-NSW1 −11.8 GWh 21 —
V-SA +11.6 GWh 7 —
T-V-MNSP1 +11.1 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
312.0k tCO₂
▲ 3.8% vs same day last week
Intensity by region
NSW 99.6k tCO₂ 0.501 tCO₂/MWh
QLD 110.6k tCO₂ 0.496 tCO₂/MWh
SA 2.5k tCO₂ 0.049 tCO₂/MWh
VIC 99.4k tCO₂ 0.740 tCO₂/MWh
TAS 25 tCO₂ 0.001 tCO₂/MWh