Forward electricity contracts across the mainland NEM sold off through April, pulled lower by accelerating battery storage deployment, renewable penetration running above year-ago levels, and a well-supplied domestic gas market. For businesses with contract renewals approaching, April carried a clearer structural signal than most months. This edition covers wholesale electricity prices across Queensland, New South Wales, Victoria and South Australia for April 2026, published around the 20th of the following month.
Australia’s electricity is traded through the National Electricity Market (NEM), operated by AEMO (the Australian Energy Market Operator), the independent body responsible for keeping the grid balanced across the four mainland states connected via a shared transmission network. Wholesale spot prices are set every five minutes through competitive bidding and are distinct from the retail rates businesses pay on their energy bills, though sustained movements in the spot market typically feed through into contract pricing over time. This report covers the mainland NEM only.
| State | Mar 2026 ($/MWh) | April 2026 ($/MWh) |
|---|---|---|
| NSW | 70.36 | 59.73 |
| QLD | 62.64 | 53.31 |
| SA | 52.80 | 56.18 |
| VIC | 44.74 | 35.68 |
Source: Shell Energy / AEMO
| State | Average Spot Price | Max 5 Min Spot Price | 5 Min Intervals at $1,000+ | 5 Min Intervals at $0 or Below |
|---|---|---|---|---|
| QLD | $53.31 | $392.88 | 0 | 1,546 |
| NSW | $59.73 | $237.86 | 0 | 660 |
| VIC | $35.68 | $277.02 | 0 | 3,031 |
| SA | $56.18 | $370.00 | 0 | 2,829 |
Source: NEM Spot Market, AEMO (via Shell Energy Market Summary Report, April 2026)
| Period | QLD ($/MWh) | NSW ($/MWh) | VIC ($/MWh) | SA ($/MWh) |
|---|---|---|---|---|
| Jan-23 | 91 | 108 | 93 | 95 |
| Apr-23 | 72 | 88 | 74 | 78 |
| Jul-23 | 110 | 130 | 118 | 125 |
| Oct-23 | 74 | 90 | 76 | 80 |
| Jan-24 | 88 | 105 | 92 | 98 |
| Apr-24 | 68 | 84 | 70 | 75 |
| Jul-24 | 138 | 168 | 152 | 158 |
| Oct-24 | 85 | 102 | 88 | 94 |
| Jan-25 | 90 | 110 | 95 | 100 |
| Apr-25 | 72 | 88 | 74 | 80 |
| Jun-25 | 160 | 240 | 210 | 220 |
| Sep-25 | 54 | 71 | 55 | 58 |
| Oct-25 | 56 | 77 | 51 | 50 |
| Nov-25 | 63 | 77 | 32 | 32 |
| Dec-25 | 54 | 71 | 28 | 28 |
| Jan-26 | 55 | 72 | 34 | 36 |
| Feb-26 | 59 | 75 | 40 | 42 |
| Mar-26 | 63 | 70 | 45 | 53 |
| Apr-26 | 53.31 | 59.73 | 35.68 | 56.18 |
Source: NEM Spot Market, AEMO. Chart credit: Shell Energy. Historical data prior to Sep 2025 sourced from Shell Energy 3-year charts.
FY27 flat contracts closed April at QLD $85.82/MWh, NSW $101.06/MWh, VIC $75.62/MWh and SA $86.85/MWh, after selling off through most of the month before a modest recovery in the final week. FY28 contracts closed lower again: QLD $83.00/MWh, NSW $97.87/MWh, VIC $75.27/MWh and SA $88.81/MWh, with a mild downward bias persisting across all states.
The drivers are structural: battery deployment accelerating, renewable penetration tracking above year-ago levels, and a well-supplied domestic gas market. For businesses with renewals in the next 6 to 12 months, the current closing prices are the market reference point. Whether those levels represent the right time to lock in depends on your existing contract position and risk tolerance. What April confirmed is that the market is repricing lower, not higher, and FY28 continues to reflect that direction.
NSW averaged $59.73/MWh in April, down 15.1% from $70.36/MWh in March. The month’s lowest zero-or-below interval count on the mainland (660) reflects a relatively stable generation mix compared to the southern states.
Mild autumn weather kept demand in check throughout April, with no extreme temperature events. The peak daily average of $89.41/MWh on 8 April reflected elevated morning demand as cooler temperatures began to settle. Generation conditions were broadly steady, with strong renewable output contributing to the lower price environment.
| Day | $/MWh |
|---|---|
| 1 | 78.82 |
| 2 | 81.67 |
| 3 | 57.09 |
| 4 | 54.52 |
| 5 | 46.69 |
| 6 | 75.14 |
| 7 | 80.59 |
| 8 | 89.41 |
| 9 | 67.59 |
| 10 | 64.57 |
| 11 | 42.43 |
| 12 | 33.52 |
| 13 | 54.28 |
| 14 | 66.94 |
| 15 | 70.77 |
| 16 | 53.84 |
| 17 | 49.87 |
| 18 | 54.19 |
| 19 | 58.78 |
| 20 | 67.01 |
| 21 | 53.85 |
| 22 | 48.77 |
| 23 | 53.67 |
| 24 | 55.39 |
| 25 | 46.81 |
| 26 | 50.93 |
| 27 | 62.35 |
| 28 | 62.10 |
| 29 | 56.22 |
| 30 | 54.23 |
Source: AEMO (via WEB_AVERAGE_PRICE_DAY_202604)
QLD averaged $53.31/MWh in April, down 14.9% from $62.64/MWh in March. The 1,546 zero-or-below five-minute intervals reflect the growing volume of solar generation pushing prices into negative territory during daytime periods.
Mild conditions and strong solar generation kept prices subdued through most of the month. Several coal plant outages temporarily tightened supply but were absorbed by the broader system without driving high-price events. The daily average peaked at $79.90/MWh on 8 April, coinciding with the broader east coast morning demand lift on a cooler day.
| Day | $/MWh |
|---|---|
| 1 | 51.79 |
| 2 | 62.65 |
| 3 | 39.94 |
| 4 | 37.92 |
| 5 | 40.64 |
| 6 | 49.11 |
| 7 | 71.01 |
| 8 | 79.90 |
| 9 | 66.20 |
| 10 | 61.93 |
| 11 | 53.02 |
| 12 | 41.99 |
| 13 | 65.12 |
| 14 | 68.00 |
| 15 | 76.19 |
| 16 | 63.78 |
| 17 | 57.68 |
| 18 | 51.84 |
| 19 | 48.30 |
| 20 | 53.16 |
| 21 | 41.64 |
| 22 | 40.73 |
| 23 | 38.16 |
| 24 | 47.82 |
| 25 | 41.74 |
| 26 | 46.79 |
| 27 | 56.74 |
| 28 | 51.21 |
| 29 | 43.83 |
| 30 | 50.40 |
Source: AEMO (via WEB_AVERAGE_PRICE_DAY_202604)
SA averaged $56.18/MWh in April, up 6.4% from $52.80/MWh in March. It was the only mainland state to record a month-on-month increase. The wide intra-month range (from -$9.94 to $176.50 daily average) reflects SA’s exposure to wind variability.
Wind variability was the primary price driver in April. Strong wind output pushed prices negative across 2,829 five-minute intervals, while low-wind periods drove daily averages sharply higher, particularly around 13 to 15 April when averages exceeded $120/MWh. Cooler autumn temperatures placed upward pressure on morning demand, amplifying price swings during low-renewable periods.
| Day | $/MWh |
|---|---|
| 1 | 61.06 |
| 2 | 64.14 |
| 3 | -9.94 |
| 4 | -7.63 |
| 5 | 91.13 |
| 6 | 39.47 |
| 7 | 53.11 |
| 8 | 104.22 |
| 9 | -5.02 |
| 10 | -5.39 |
| 11 | -4.32 |
| 12 | 14.58 |
| 13 | 129.24 |
| 14 | 176.50 |
| 15 | 122.86 |
| 16 | 73.26 |
| 17 | 77.12 |
| 18 | 55.46 |
| 19 | 67.15 |
| 20 | 113.95 |
| 21 | 40.26 |
| 22 | 58.16 |
| 23 | 51.05 |
| 24 | 15.51 |
| 25 | 12.67 |
| 26 | 54.23 |
| 27 | 73.64 |
| 28 | 86.69 |
| 29 | 66.73 |
| 30 | 15.36 |
Source: AEMO (via WEB_AVERAGE_PRICE_DAY_202604)
VIC averaged $35.68/MWh in April, down 20.2% from $44.74/MWh in March. It was the lowest monthly average of any mainland state and the state with the highest count of zero-or-below five-minute intervals (3,031), reflecting sustained wind and solar output through the month.
Wind and solar generation delivered extended periods of negative pricing through April, with intermittent upward pressure on days when wind output fell away. The 14 April daily average of $101.22/MWh coincided with reduced wind generation and elevated morning demand. VIC also benefited from interconnector flows from SA during periods of high SA renewable output.
| Day | $/MWh |
|---|---|
| 1 | 54.81 |
| 2 | 58.81 |
| 3 | -1.70 |
| 4 | -13.83 |
| 5 | 28.65 |
| 6 | 32.81 |
| 7 | 41.42 |
| 8 | 70.55 |
| 9 | -4.30 |
| 10 | -5.50 |
| 11 | -5.08 |
| 12 | 3.64 |
| 13 | 51.30 |
| 14 | 101.22 |
| 15 | 78.58 |
| 16 | 15.14 |
| 17 | 31.72 |
| 18 | 54.80 |
| 19 | 64.69 |
| 20 | 81.61 |
| 21 | 32.94 |
| 22 | 27.26 |
| 23 | 46.22 |
| 24 | 12.97 |
| 25 | -9.32 |
| 26 | 25.17 |
| 27 | 67.30 |
| 28 | 60.80 |
| 29 | 55.77 |
| 30 | 11.98 |
Source: AEMO (via WEB_AVERAGE_PRICE_DAY_202604)
| Fuel type | Share (%) |
|---|---|
| Battery | 2 |
| Biomass | 0 |
| Black coal | 43 |
| Brown coal | 17 |
| Gas | 11 |
| Hydro | 3 |
| Liquid | 0 |
| Solar | 14 |
| Wind | 10 |
Source: Shell Energy Market Summary Report, April 2026 (AEMO fuel mix data)
Coal (black and brown combined) accounted for 60% of NEM generation over the 90 days to April 2026, while renewables (solar, wind, hydro and battery) contributed approximately 29% of the 90-day mix. April itself saw renewables reach roughly 45% of monthly generation, well above the 90-day average, as wind and solar output concentrated in the latter half of the period. The divergence between high coal dependency and growing renewable intermittency continues to drive the intra-day price volatility visible in all four state charts.
Global energy market uncertainty, driven by ongoing geopolitical conflict, has led electricity suppliers to reduce the acceptance window for quoted contract rates. Where businesses previously had five to seven days to review and accept a quoted price, many suppliers are now operating on acceptance windows of 24 to 48 hours. Prices can and do move in that time. If you are approaching a contract expiry or have requested a quote, acting quickly matters more than it has for some time. Our team can step through the options with you and help you move when the timing is right. Contact us before your window closes.
With winter approaching, it is also worth taking a few simple steps to manage energy costs through the cooler months. First, schedule a check on your heating systems and insulation now, before peak demand hits. A poorly maintained system or leaky building envelope will show up directly on your bill. Second, review your HVAC controls and after-hours settings. Morning warm-up cycles are a common source of avoidable peak demand charges, particularly in commercial buildings. Our Watts Mine platform has incorporated AI-driven analysis for over two years, with capabilities continuously improved, and can help identify where your energy use is concentrated across the day.
Large-scale Generation Certificate prices remained under sustained downward pressure through April, with the forward curve compressing lower across all vintages. Cal 27 was the most actively traded contract. Utility-scale renewable output reached 4.7 TWh in March, up 2% year-on-year, with solar PV assets in Queensland and Western Australia among the primary contributors to supply growth.
Source: Clean Energy Regulator, April 2026
The NSW Energy Saving Certificate market saw a structural shift in April as the Commercial Lighting activity closed after more than a decade. Registrations surged to 464,000 certificates in the final week before closure. Subsequent monthly creation fell to approximately 70,000 ESCs, with Home Energy Efficiency Retrofits and Project Impact Assessment methods becoming the primary supply sources going forward.
Source: IPART, April 2026
Victoria’s Iona Storage Facility reached record high inventory of over 25 PJ in April, driven by low gas demand from the power sector and stable weather conditions reducing gas-fired generation. Spot gas prices held in the $10/GJ range across east coast hubs, continuing the oversupply dynamic that has characterised the domestic gas market through early 2026.
Source: AEMO Market Data, April 2026
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