Mild sunny weather led to record low minimum demand for the NEM as well as record lows in VIC and SA. Meanwhile QLD and NSW continued to separate from the rest of the NEM with significantly stronger power spot prices. Gas spot prices continued to rise with average prices around $13/GJ in October.
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1.0 Highlights
This section summarises the key spot market outcomes for the month.
1.1 Spot Market Insights
Victoria had the most uneventful month in the wholesale electricity spot market with prices remaining below $300/MWh for the entire month. All other regions experienced high prices on 23 Oct, with high prices also in NSW on 15 Oct and SA on 17 Oct and 22 Oct. Negative price volatility was more prevalent in October with the portion of negative prices at or near record levels for VIC, SA and QLD, resulting in very low average October prices for VIC and SA.
