Spot prices softened across mainland NEM in the week ending Sunday 15 Feb 2026. Forward markets cooled and Q1-26 traded up mid-week only to soften by the end of the week. Across ASX Energy periods, NSW volumes shrank while QLD surged.
Spot Market
The week delivered a pronounced cooling in mainland spot prices after the early-February spike. NSW fell from a Monday average of $95.47/MWh to just $37.39/MWh by Sunday, while QLD eased from $87.48/MWh to $54.27/MWh. South Australia remained the most volatile: Tuesday’s evening peak lifted its daily average to $137.39/MWh on a spike of $985.79/MWh, yet by Thursday the state plunged to a ‑$31.18/MWh daily average as 5-minute intervals touched -$318.41/MWh. Victoria followed a similar softening path with minima down to -$42.17/MWh and a Sunday average of $21.41/MWh. Hydro-rich Tasmania stayed resilient, maintaining daily averages in a tight $88.16–$103.94/MWh band and never registering a negative 5-minute price.
