Wholesale electricity prices in Australia’s National Electricity Market (NEM) averaged A$63 per megawatt hour (MWh) in the third quarter of 2026, or 6.3 c/kWh, according to the Australian Energy Market Operator (AEMO). That is the lowest Q3 average since 2021 and 27% below Q3 2025. Prices were zero or negative in 14.4% of five-minute intervals. This page charts the data and explains what it means for solar households.
Key facts
- AEMO reports that NEM wholesale spot prices averaged A$63/MWh in Q3 2026 (1 July to 30 September 2026), down A$23/MWh from Q3 2025 and A$11/MWh from Q2 2026.
- AEMO’s Q3 2026 regional averages were A$74/MWh in New South Wales, A$69/MWh in South Australia, A$61/MWh in Queensland, and A$56/MWh in both Victoria and Tasmania.
- Zero or negative prices occurred in 14.4% of NEM dispatch intervals in Q3 2026, down from 18.9% in Q3 2025 and well below the 31.0% record set in Q4 2025.
- Between 10am and 4pm in Q3 2026, prices were zero or negative in 43% of intervals in Queensland and South Australia, 34% in Victoria, 27% in Tasmania and 17% in New South Wales.
- AEMO says grid-scale batteries set the NEM spot price in 48% of intervals in Q3 2026, making them the most frequent price-setting technology.
- Wholesale prices cover only part of a household bill: network, metering and environmental charges sit on top.
What is the wholesale electricity price?
The wholesale price, also called the spot price, is what generators are paid for electricity in the NEM, set every five minutes in each region. The NEM covers Queensland, New South Wales, the ACT, Victoria, South Australia and Tasmania. Western Australia runs a separate market, which this page does not cover.
Wholesale prices are quoted in dollars per megawatt hour. Divide by 10 to get cents per kilowatt hour: A$63/MWh is 6.3 c/kWh. AEMO publishes two averages. The time-weighted average is a simple average of prices. The volume-weighted average (VWAP) weights each interval by demand, so it runs higher because prices rise when demand does.
How much have wholesale prices moved? (quarterly)
NEM wholesale prices peaked in winter 2025 and have fallen since, with the lowest quarter in this series in Q4 2025 at A$50/MWh. The chart uses AEMO’s time-weighted NEM average for each quarter from Q1 2024.
Source: AEMO Quarterly Energy Dynamics, Q1 2024 to Q3 2026 editions. Q3 2025 is shown as originally published (A$87); the Q3 2026 report implies about A$86.
View the data as a table
| NEM average | |
|---|---|
| Q1 24 | A$76/MWh |
| Q2 24 | A$133/MWh |
| Q3 24 | A$119/MWh |
| Q4 24 | A$88/MWh |
| Q1 25 | A$83/MWh |
| Q2 25 | A$140/MWh |
| Q3 25 | A$87/MWh |
| Q4 25 | A$50/MWh |
| Q1 26 | A$73/MWh |
| Q2 26 | A$74/MWh |
| Q3 26 | A$63/MWh |
Winter quarters (Q2 and Q3) were the most expensive in 2024 and 2025, but Q2 and Q3 2026 were both far cheaper.
| Quarter | NEM average (A$/MWh) | AEMO’s explanation |
|---|---|---|
| Q2 2024 | 133 | Lower wind and hydro, transmission outages |
| Q2 2025 | 140 | Cold June, price volatility added A$37/MWh |
| Q4 2025 | 50 | Lowest in the series; large falls in every region |
| Q1 2026 | 73 | Eased through the quarter as volatility fell |
| Q2 2026 | 74 | Lowest Q2 since 2020; more renewables and battery discharge |
| Q3 2026 | 63 | Lowest Q3 since 2021; lower evening peak demand |
Source: AEMO Quarterly Energy Dynamics editions, read November 2026.
Wholesale prices by region
New South Wales was the dearest NEM region in Q3 2026 at A$74/MWh and Victoria and Tasmania the cheapest at A$56/MWh. Every region fell year on year, with South Australia and Tasmania down the most.
- Q3 2025
- Q3 2026
Source: AEMO Quarterly Energy Dynamics Q3 2025 and Q3 2026.
View the data as a table
| Q3 2025 | Q3 2026 | |
|---|---|---|
| NSW | A$90 | A$74 |
| QLD | A$72 | A$61 |
| VIC | A$77 | A$56 |
| SA | A$104 | A$69 |
| TAS | A$91 | A$56 |
South Australia fell from A$104 to A$69/MWh and Tasmania from A$91 to A$56/MWh, the two largest drops.
| Region | Q3 2026 average (A$/MWh) | Change vs Q3 2025 | Q3 2026 VWAP (A$/MWh) |
|---|---|---|---|
| New South Wales | 74 | -17% | 77 |
| South Australia | 69 | -34% | 76 |
| Queensland | 61 | -15% | 64 |
| Victoria | 56 | -27% | 61 |
| Tasmania | 56 | -38% | 60 |
Source: AEMO Quarterly Energy Dynamics Q3 2026, read November 2026. Averages on this page are rounded as AEMO publishes them.
How often are wholesale prices negative?
Zero or negative prices occurred in 14.4% of NEM intervals in Q3 2026, after a record 31.0% in Q4 2025. Negative prices happen when more power is offered than the grid needs, mostly on sunny, mild spring days.
Source: AEMO Quarterly Energy Dynamics, Q3 2024 to Q3 2026 editions.
View the data as a table
| Zero or negative | |
|---|---|
| Q3 24 | 19.5% |
| Q4 24 | 23.1% |
| Q1 25 | 18.0% |
| Q2 25 | 10.6% |
| Q3 25 | 18.9% |
| Q4 25 | 31.0% |
| Q1 26 | 14.9% |
| Q2 26 | 11.7% |
| Q3 26 | 14.4% |
Negative prices follow the seasons: spring quarters (Q4) are the highest and winter quarters lower.
Negative prices also got shallower. AEMO says the average price in negative intervals was -A$10/MWh in Q3 2026, against -A$16/MWh a year earlier, and 85% of negative intervals were between -A$10 and A$0/MWh. Tasmania was the one region where negative prices became more common, rising to 13% of intervals.
What does the daily price shape look like?
The wholesale price dips in the middle of the day when solar floods the grid and rises in the evening when it fades. In Q3 2026 AEMO says evening peak prices fell substantially in most regions, while daytime prices rose slightly on a year earlier.
- All day
- 10am to 4pm
Source: AEMO Quarterly Energy Dynamics Q3 2026, section 2.2.3.
View the data as a table
| All day | 10am to 4pm | |
|---|---|---|
| QLD | 13.8% | 43.0% |
| SA | 22.0% | 43.0% |
| VIC | 17.8% | 34.0% |
| TAS | 13.0% | 27.0% |
| NSW | 5.2% | 17.0% |
In Queensland and South Australia, close to half of midday intervals were at zero or negative prices.
Solar Cobber calculation: multiplying the share of 10am to 4pm intervals by the 6 hours in that window gives the average daily hours at zero or negative prices.
| Region | Midday zero or negative share | Average hours a day (share x 6) |
|---|---|---|
| Queensland | 43% | 2.6 |
| South Australia | 43% | 2.6 |
| Victoria | 34% | 2.0 |
| Tasmania | 27% | 1.6 |
| New South Wales | 17% | 1.0 |
That is a Q3 average across the quarter, not a daily guarantee. Exports on a plan that pays the spot price earned nothing, or cost money, for that time.
Why have evening prices fallen? Batteries
AEMO attributes the lower Q3 2026 prices partly to batteries. Grid-scale batteries charged 13.4 gigawatt hours (GWh) a day between 10am and 4pm and discharged 10.9 GWh between 4pm and 9pm, more than triple Q3 2025. AEMO also says aggregated price spikes above A$300/MWh added only A$8/MWh to the NEM average, down from A$28/MWh.
- Q3 2025
- Q3 2026
Source: AEMO Quarterly Energy Dynamics Q3 2026, executive summary.
View the data as a table
| Q3 2025 | Q3 2026 | |
|---|---|---|
| Daytime charge | 3.7 GWh | 13.4 GWh |
| Evening output | 3.2 GWh | 10.9 GWh |
Grid batteries soak up midday solar and sell it into the evening peak, which lifts midday prices and cuts evening ones.
AEMO adds that sampled households with rooftop solar and a battery drew about three quarters less grid power in the evening peak than solar-only homes. See home battery statistics for uptake.
What wholesale prices mean for solar owners
Most solar owners are not paid the wholesale price directly: a fixed-rate retail plan pays a set feed-in tariff, while a wholesale-linked plan passes the live price through. A fixed tariff is set with the wholesale market in mind. The Queensland Competition Authority’s 2026-27 feed-in tariff for regional Queensland is 6.006 c/kWh, built from a 5.572 c/kWh wholesale component plus 0.434 c/kWh, and is 31% below 2025-26 (QCA, June 2026). IPART’s 2026-27 NSW benchmark range is 3.4 to 6.5 c/kWh. Lower wholesale prices pull these rates down.
A wholesale-linked retailer such as Amber Electric pays exports at the spot price of the moment, which can be negative at midday and very high in an evening peak. Our Amber Electric review covers the plan, and the feed-in tariff tracker lists fixed rates by state. A battery lets a household on such a plan skip the midday dip and sell at the evening peak, and a virtual power plant can automate that.
Fixed-rate households feel wholesale prices indirectly. The regulated retail reference prices are covered in Default Market Offer and Victorian Default Offer, and the free midday power under the Solar Sharer Offer reflects the same midday glut. For time-of-use rates see peak and off-peak electricity times.
What it means for your solar or battery decision
Midday power is cheap and exports earn little, so self-consumption and storage matter more than a bigger export tariff. Shifting a hot water system, a pool pump or an EV charge into the midday window uses power when the grid price is lowest. Compare installers on batteries and solar and battery rebates through /companies.
Method and sources
Every figure comes from AEMO’s Quarterly Energy Dynamics PDFs (Q1 2024 to Q3 2026), opened on 14 November 2026. The Q3 2026 edition was published in October 2026. Prices are time-weighted NEM or regional averages unless marked VWAP. Q3 2025 regional averages come from the Q3 2025 edition. The Q4 2024 to Q2 2026 national figures come from the matching editions. Feed-in figures come from the QCA and IPART as listed in our tariff data pack. Solar Cobber calculations are the A$/MWh to c/kWh conversion and the midday hours table. Quarterly values are rounded as AEMO publishes them and later editions may restate earlier quarters slightly.
FAQ
What is the wholesale electricity price in Australia?
The NEM wholesale spot price averaged A$63 per MWh (6.3 c/kWh) in Q3 2026, according to AEMO. It ranged from A$56/MWh in Victoria and Tasmania to A$74/MWh in New South Wales. It changes every five minutes, and Western Australia has a separate market.
Why are wholesale electricity prices negative?
Prices go negative when more power is offered than the grid needs, usually on sunny, mild days with strong solar and wind output. In Q3 2026 AEMO says 14.4% of NEM intervals were zero or negative. AEMO links the shallower negative prices in Q3 2026 to lower large-scale generation certificate prices.
How often are electricity prices negative in Australia?
Across the NEM, 14.4% of intervals in Q3 2026 were zero or negative, against a record 31.0% in Q4 2025. Between 10am and 4pm in Q3 2026 the share was 43% in Queensland and South Australia.
Why did wholesale prices fall in 2026?
AEMO says Q3 2026 prices fell because of lower evening peak demand, more grid-scale battery activity and less price volatility. Renewables supplied a record Q3 share of 44.3% of generation.
Are wholesale prices the same as my power bill?
No. A bill adds network, metering and environmental charges and a retailer margin to the wholesale cost. Wholesale-linked plans such as Amber Electric pass the spot price through plus these charges.
Do negative prices mean I get paid to use power?
Only on a plan that passes through the wholesale price, and network charges still apply. On a fixed-rate plan you pay your normal rate regardless.
What is the wholesale price when I export solar?
On a fixed feed-in plan you get the set tariff, such as 3.4 to 6.5 c/kWh in the NSW IPART range. On a wholesale-linked plan you get the spot price, which can be below zero at midday.
Where can I see live NEM prices?
AEMO publishes current prices on its NEM data pages, and OpenElectricity charts regional prices. Quarterly summaries come in the AEMO Quarterly Energy Dynamics report.
Sources
- AEMO Quarterly Energy Dynamics Q3 2026, October 2026
- AEMO Quarterly Energy Dynamics Q2 2026
- AEMO Quarterly Energy Dynamics Q1 2026
- AEMO Quarterly Energy Dynamics Q4 2025
- AEMO Quarterly Energy Dynamics Q3 2025
- AEMO Quarterly Energy Dynamics Q2 2025
- AEMO Quarterly Energy Dynamics Q1 2024 to Q1 2025 and the matching 2024 editions
- Queensland Competition Authority solar feed-in tariff fact sheet, June 2026
- IPART solar feed-in tariff benchmark
About this guide
Written by the Solar Cobber editorial team from independent desk research checked in November 2026. Solar Cobber is a free directory that may earn referral or advertising fees from installers, but commercial relationships never affect content. This is general information, not financial advice. Corrections are welcome via /contact.
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