Published by Watt Utilities | Energy Market Analysis | June 2026
June belonged to South Australia. While most of the mainland grid held its ground, the SA wholesale spot price averaged $125.73 per MWh, up 62 percent on May, and a single cold, low-wind day pushed the SA daily average past $1,165. New South Wales, Queensland and Victoria all moved far less. This edition unpacks what drove the gap and what it means for businesses approaching a renewal.
This report covers the mainland National Electricity Market (NEM), the wholesale market run by the Australian Energy Market Operator (AEMO) across Queensland, New South Wales, Victoria and South Australia. Spot prices are what generators are paid in that market. They differ from the rate on your bill, but sustained moves feed into the retail contract prices set at renewal. We publish a new edition in the first week of each month, once AEMO data for the month just finished is available.
AT A GLANCE: JUNE 2026
- Wholesale spot prices rose in three of four mainland states. South Australia jumped 62 percent to $125.73 per MWh, Victoria rose 3 percent to $66.81 and New South Wales edged up 2 percent to $83.30. Queensland was the exception, easing 6 percent to $71.43.
- All four states sat above their 12-month average for the month, so a June bill or renewal quote will read higher than the year’s typical run rate. South Australia is the standout, running well above its own baseline.
- Forward contracts eased over the week to 10 July. Calendar 2027 base swaps closed at $82.20 in NSW, $72.03 in QLD, $83.64 in SA and $63.90 in VIC, the cheapest mainland state to contract.
- Coal still supplied 61.5 percent of mainland generation over the past 90 days, with renewables and storage at 33.4 percent. That coal reliance is why cold, low-wind mornings still push prices sharply higher.
- June’s price story sits in the gap between the grid’s renewable high of 73.8 percent and its overnight low of 14 percent. The full report shows what that range means for locking in.
NEM Average Spot Price: May vs June 2026
NEM Average Spot Price: May 2026 vs June 2026 ($/MWh)
Source: AEMO (via WEB_AVERAGE_PRICE_DAY monthly exports).
| State | May-26 ($/MWh) | Jun-26 ($/MWh) |
|---|
| NSW | 82.01 | 83.30 |
| QLD | 76.34 | 71.43 |
| SA | 77.49 | 125.73 |
| VIC | 64.77 | 66.81 |
South Australia carried the month. A cold, low-wind system late in June left gas and hydro to cover demand, and the SA daily average reached $1,165.10 on Monday 22 June. Victoria stayed the cheapest mainland state at $66.81 per MWh despite a similar late-month lift. Queensland was the only state to ease, helped by milder weather and steadier coal output.
What’s in the full report
- State by state breakdown for QLD, NSW, VIC and SA, with daily price charts and the drivers behind each move.
- Contracting Outlook: the latest ASX forward prices for calendar 2027 and 2028 read into plain-language guidance on whether to lock in, wait, or hedge in parts.
- Renewable Records: the grid’s highest and lowest renewable moments in June and what the volatility range means for price risk.
- The 90-day fuel mix and what the coal versus renewables split means for your exposure.
- Watt’s News and verified Industry News for the month.
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