Spring renewables crushed daytime prices, FCAS costs dived, gas stayed cheap, yet cool nights pushed record peaks. Which states set demand lows, and what risks still lurk. Delve into our data-rich September wrap for further insights.
1.0 Highlights
The National Electricity Market (NEM) moved further into a soft-price regime during the September 2025 quarter. Rolling twelve-month average electricity spot prices now sit 8% below the 2024 calendar average in both Queensland and New South Wales, 10% lower in South Australia and broadly unchanged in Victoria, while Tasmania is the lone outlier with a 9% increase.
September itself was particularly subdued: New South Wales posted the highest state average at $71.24/MWh, whereas Tasmania delivered just $28.63/MWh, repeating its habit of very low prices at this time of year.
Gas markets followed their usual shoulder-season pattern. Average hub prices ranged between $11.58/GJ and $12.19/GJ, leaving a margin of roughly $3.50/GJ to the ACCC netback price.
