NEM
NEM Daily analysis

Wednesday 4 November 2026

Trading day 2026-11-04

Market Snapshot

SA records 22.8 negative hours as NEM average reaches $54.3/MWh

NSW averaged $85.0/MWh and recorded a peak demand of 8850 MW at 17:40, while QLD averaged $59.4/MWh with 14.7 negative hours. VIC averaged $28.2/MWh with 14.5 negative hours, and TAS averaged $83.8/MWh with a minimum price of -$991.6/MWh at 17:35.

Coal accounted for 43.2 per cent of the generation mix, followed by rooftop solar at 17.9 per cent and wind at 16.1 per cent. The total renewable share was 51.3 per cent, and batteries discharged 19,980 MWh with a net position of -2093 MWh. Total emissions were 272,984 tonnes, 11.0 per cent below the same weekday last week.

FCAS costs included $31,916 for regulation raise with a peak price of $245/MW in TAS, and $24,466 for the 60-second lower service peaking at $52/MW in QLD.

AEMO issued market intervention directions for the NSW region at 06:43 and 06:44 to disconnect Finley Solar Farm inverters. AEMO issued prices subject to review notices between 14:15 and 14:40, and between 16:25 and 17:00.

Today · Pre-dispatch forecasts show SA reaching $601.39/MWh at 21:30 and VIC reaching $445.81/MWh at 21:30.

In context · The NEM average of $54.3/MWh was below the seven-day average of $71.6/MWh and ranked fifth for the week. The SA average of $15.1/MWh was below its seven-day average of $44.5/MWh, and ranked sixth across the seven days.

NSW $85VIC $28QLD $59SA $15TAS $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 $33 $65 $98 $130 -$10 $30 $70 $110 $150 -$10 $25 $60 $95 $130 -$200 -$102 -$5 $93 $190 -$150 -$70 $10 $90 $170 05:00 11:00 17:00 23:00 05:00
Region Avg VWAP Min Max Neg Cap
NSW $85 $87 $13 $131 0 0
QLD $59 $67 -$8 $130 176 0
SA $15 $36 -$259 $224 274 0
VIC $28 $27 -$20 $155 174 0
TAS $84 $84 -$992 $350 6 0

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

Demand

NSW
Peak
8,850MW
18:40
Trough
4,780MW
13:30
Energy
327.9GWh
QLD
Peak
8,699MW
19:50
Trough
4,316MW
11:30
Energy
300.9GWh
SA
Peak
1,564MW
20:40
Trough
22MW
15:25
Energy
52.0GWh
VIC
Peak
6,068MW
20:40
Trough
3,760MW
10:05
Energy
239.6GWh
TAS
Peak
1,193MW
19:55
Trough
836MW
02:40
Energy
49.5GWh

FCAS

ServiceCostSpikesPeakWhen
RAISEREG$6,4700$114 Nov, 08:20
LOWERREG$1,0760$54 Nov, 11:10
RAISE60SEC$2340$04 Nov, 08:05
RAISE6SEC$1820$04 Nov, 07:50
RAISE5MIN$780$04 Nov, 07:55
LOWER60SEC$660$04 Nov, 17:15
LOWER5MIN$410$04 Nov, 16:55
LOWER6SEC$370$04 Nov, 17:00
Total$8,183

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

ServiceCostSpikesPeakWhen
LOWER60SEC$24,2340$524 Nov, 14:10
LOWER6SEC$21,6160$204 Nov, 07:45
RAISEREG$4,7920$114 Nov, 08:20
LOWER5MIN$4,2740$54 Nov, 16:35
LOWERREG$3,7790$74 Nov, 16:35
RAISE6SEC$570$04 Nov, 06:30
RAISE60SEC$540$04 Nov, 06:35
RAISE5MIN$330$04 Nov, 06:35
Total$58,838

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

ServiceCostSpikesPeakWhen
RAISEREG$7,6000$114 Nov, 08:20
LOWERREG$1,0340$54 Nov, 11:10
RAISE60SEC$1870$04 Nov, 08:05
RAISE6SEC$1220$04 Nov, 07:50
RAISE5MIN$790$04 Nov, 07:55
LOWER60SEC$230$04 Nov, 17:15
LOWER6SEC$150$04 Nov, 17:00
LOWER5MIN$130$04 Nov, 16:55
Total$9,074

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

ServiceCostSpikesPeakWhen
RAISEREG$3,1820$114 Nov, 08:20
LOWERREG$3,1400$54 Nov, 11:10
RAISE60SEC$2380$04 Nov, 08:05
RAISE6SEC$1950$04 Nov, 07:50
RAISE5MIN$820$04 Nov, 07:55
LOWER60SEC$490$04 Nov, 17:15
LOWER6SEC$390$04 Nov, 17:00
LOWER5MIN$270$04 Nov, 16:55
Total$6,952

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

ServiceCostSpikesPeakWhen
RAISEREG$9,8710$2454 Nov, 12:35
LOWERREG$5,8230$1744 Nov, 18:30
RAISE6SEC$2,4170$154 Nov, 18:35
RAISE60SEC$1,3700$34 Nov, 18:35
LOWER6SEC$3030$34 Nov, 18:20
LOWER60SEC$940$24 Nov, 18:25
RAISE5MIN$180$04 Nov, 18:20
LOWER5MIN$110$14 Nov, 18:25
Total$19,906

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

Battery dispatch

Peak moment

Fleet discharged 1,352 MW at 20:00 as NSW spot hit $98/MWh.

Peak moment

Fleet discharged 1,497 MW at 19:30 as QLD spot hit $107/MWh.

Peak moment

Fleet peaked at 298 MW around 02:30.

Peak moment

Fleet peaked at 247 MW around 01:00.

Peak moment

Fleet discharged 2,953 MW at 20:00 as TAS spot hit $10/MWh.

Discharged
10,082MWh
peak 1,352 MW · 20:00
Charged
8,578MWh
peak 1,540 MW
Net
+1,505MWh
discharge − charge
Round-trip
118%
discharge / charge ratio
Discharged
6,087MWh
peak 1,497 MW · 19:30
Charged
6,261MWh
peak 1,095 MW
Net
-174MWh
discharge − charge
Round-trip
97%
discharge / charge ratio
Discharged
2,187MWh
peak 298 MW · 02:30
Charged
4,515MWh
peak 831 MW
Net
-2,327MWh
discharge − charge
Round-trip
48%
discharge / charge ratio
Discharged
1,622MWh
peak 247 MW · 01:00
Charged
2,719MWh
peak 593 MW
Net
-1,096MWh
discharge − charge
Round-trip
60%
discharge / charge ratio
NEM-wide
Discharged
19,980MWh
peak 2,953 MW · 20:00
Charged
22,073MWh
peak 3,144 MW
Net
-2,093MWh
discharge − charge
Round-trip
91%
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$20000:3007:3714:4521:5205:00

Regional dispatch ranking

RegionDischargedNet
#1NSW
10,082MWh
+1,505
#2QLD
6,087MWh
-174
#3VIC
2,187MWh
-2,327
#4SA
1,622MWh
-1,096

Generation Mix

TOP FUEL 43.8%
  • Coal43.8% · 90.7 GWh
  • Gas0.9% · 1.8 GWh
  • Hydro3.3% · 6.8 GWh
  • Wind10.1% · 20.9 GWh
  • Solar (utility)15.4% · 31.9 GWh
  • Solar (rooftop)20.5% · 42.4 GWh
  • Battery4.9% · 10.1 GWh
  • Other1.2% · 2.4 GWh
TOP FUEL 53.9%
  • Coal53.9% · 119.9 GWh
  • Gas1.1% · 2.5 GWh
  • Hydro4.0% · 8.8 GWh
  • Wind4.8% · 10.7 GWh
  • Solar (utility)13.8% · 30.8 GWh
  • Solar (rooftop)19.3% · 43.0 GWh
  • Battery2.7% · 6.1 GWh
  • Other0.3% · 0.7 GWh
TOP FUEL 44.5%
  • Coal44.5% · 71.1 GWh
  • Gas1.1% · 1.8 GWh
  • Hydro2.8% · 4.5 GWh
  • Wind33.7% · 53.9 GWh
  • Solar (utility)5.5% · 8.9 GWh
  • Solar (rooftop)11.0% · 17.5 GWh
  • Battery1.4% · 2.2 GWh
TOP FUEL 44.2%
  • Gas17.2% · 6.3 GWh
  • Wind44.2% · 16.2 GWh
  • Solar (utility)0.9% · 0.3 GWh
  • Solar (rooftop)33.3% · 12.2 GWh
  • Battery4.4% · 1.6 GWh
TOP FUEL 81.2%
  • Gas3.5% · 1.0 GWh
  • Hydro81.2% · 24.0 GWh
  • Wind10.8% · 3.2 GWh
  • Solar (rooftop)4.5% · 1.3 GWh
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:0010.2 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopotherBattery (charge)
00:3006:3712:4518:5201:0012.1 GW 0
coalgashydrobattery dischargewindsolar utilitysolar rooftopBattery (charge)
00:3006:3712:4518:5201:008.0 GW 0
gasbattery dischargewindsolar utilitysolar rooftopBattery (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
50.4%
VIC · Daily renewable share
58.1%
QLD · Daily renewable share
48.6%
SA · Daily renewable share
72.8%
TAS · Daily renewable share
100.1%
Peak instantaneous
78.0%
at 12:45
Daily NEM-wide share
51.3%
By region (daily share)
  • NSW
    50.4%
  • VIC
    58.1%
  • QLD
    48.6%
  • SA
    72.8%
  • TAS
    100.1%

Interconnectors

Region (proxy) Net flow Direction changes Hours at limit
N-Q-MNSP1 +17.0 GWh 12 —
NSW1-QLD1 −28.8 GWh 4 —
VIC1-NSW1 +30.5 GWh 20 —
V-SA −9.6 GWh 10 —
T-V-MNSP1 −5.1 GWh 0 —

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
273.0k tCO₂
▼ 11.0% vs same day last week
Intensity by region
NSW 79.6k tCO₂ 0.375 tCO₂/MWh
QLD 105.7k tCO₂ 0.469 tCO₂/MWh
SA 3.1k tCO₂ 0.082 tCO₂/MWh
VIC 84.0k tCO₂ 0.527 tCO₂/MWh
TAS 681 tCO₂ 0.024 tCO₂/MWh