Price & demand

Wholesale price (Regional Reference Price) and operational demand across the NEM.

The 2022 energy crisis (coal-unit outages + a global gas-price spike, which briefly suspended the market) stands out clearly.

Operational demand

The rise of negative prices

When renewables flood the grid, wholesale prices fall below zero. The share of intervals priced under $0/MWh has climbed sharply — led by South Australia.