Heather Wang

The NEM expanded by 9,142MW in 2025. Solar generation captured a shrinking value as solar prices diverged from average spot prices, whilst LGC prices collapsed during the year. SA solar had nearly two-thirds of potential energy curtailed. Heywood and Basslink had more network constraints.

With the conclusion of 2025, this spot price report analyses the trends, drivers, and underlying factors shaping electricity spot prices across the NEM. The insights provide a snapshot of the latest trends and the evolving energy market landscape.

November added 824 MW to the NEM. High renewable output met low operational demand, creating severe pricing dislocation. Solar assets faced deep discounts against TWA prices and record-high curtailment rates. VIC registered its highest November net exports to NSW in five years.

October added 400 MW to the NEM, with BESS accounting for 70% of the new generation in 2025. Gladstone announced that it may retire as early as 2029. Solar GWA improved, but southern wind farms suffered from larger TWA discounts. VIC's export capacity in October continued its multi-year decline.

An extra 2,219MW of capacity connected to the grid in September dominated by batteries. Meanwhile solar farms experienced acute pricing pressure. Combined renewable curtailment escalated to multi-year peaks across most regions. Interconnector flows moderated as warmer weather reduced demand.

NEM capacity expanded by 69MW in August. Solar farm weighted prices continue to struggle while wind continues to be less adversely impacted. Batteries provided crucial FCAS in SA while VIC continued its role as a key energy hub. Lower TAS wind generation led to highest spot prices.

In July, capacity increased by 215MW, Generator Weighted Average prices declined along with Time Weighted Averages, VRE curtailment rates increased, and batteries provided crucial grid stability. VIC remained the dominant energy exporter while Snowy storages are the lowest in 5-years.

Generation capacity grew by 1,172MW. Extreme price events lifted wind and solar GWA prices, though farms couldn't fully capitalise on these events, resulting in larger discounts to TWA prices. The curtailment rate for solar and wind rose in most regions. TAS net imports from VIC hit a 15-year high.

Battery storage grew by 490MWh in May, with the addition of two new large-scale batteries in SA. QLD batteries outperformed other BESS of the NEM, amassing $6.3m in revenue. Renewable generation levels for May surged thanks to clearer weather, growing solar capacity, and record high wind generation.

The NEM expanded by 201MW in April. Wind farm GWA prices aligned better with rising spot prices, while solar farms showed contrary trends. All regions suffered higher wind curtailment than last April. TAS hydro generation hit a seven-year April low, deepening dependence on VIC’s exports.

In March, 1,147MW of new capacity was connected. QLD was the only region to enjoy an increase in Generator Weighted Average prices, while wind weighted prices fell for all regions. SA solar and wind suffered the most curtailment. VIC was the dominant energy exporter and NSW the largest importer.

February brought no new connections to the NEM. Generator-Weighted Average prices improved for solar and wind across most regions, except QLD. Solar and wind farms continued to face large curtailment. VIC was the dominant energy exporter while TAS was the biggest importer in February.