Jan-22 Energy Market News

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.

Record-shattering wind, Q1-26 swaps and caps trading tell a story, plus fresh coal-plant hiccups impact prices and risk. At times renewables are crashing prices, but volatility is flexing and premiums are being paid while potential volatility prevails.