Spot prices remain low as demand decreases overall
Wholesale prices throughout April 2026 were relatively low across the NEM, with mainland regions generally averaging between $35/MWh and $60/MWh. TAS was the main exception, recording the highest monthly average at $85.2/MWh, while VIC was the lowest-priced region at $35.7/MWh, reflecting sustained daytime price suppression and frequent negative pricing.
In April, all states showed a clear solar-shaped intraday price profile. Prices were weakest from late morning to early afternoon, particularly in VIC, SA and QLD, before rising into the evening ramp around 6pm. This highlights that even in a moderate to average priced month, energy value varies materially by time of day.
High-price volatility was generally contained, although SA remained the exception, recording 40 intervals above $300/MWh throughout the month. Continued exposure to both very low daytime prices and sharp evening spikes or system-tightness events contributed to the volatility.
Overall, April continued to demonstrate the structural reshaping of NEM price outcomes. Daytime renewable output suppressed prices, negative pricing remained concentrated in high-renewables regions, and evening supply retained a clear premium.
For market participants, the key commercial signal was not only the monthly average price, but the spread between low-value daytime energy and higher-value evening supply. This continues to support the value of batteries and flexible demand.
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