Sep-25 Spot Market Report

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.