New South Wales had the highest average spot price, $76.93/MWh, and Victoria the lowest, $31.92/MWh.
Across the five regions the average was $48.98/MWh, down 5% on October 2025.
Prices went below zero for 345.3 hours in South Australia, 48% of the month, the most of any region.
The highest 5-minute price was $20,300.00/MWh in New South Wales on 25 November at 12:20.
The lowest was -$999.99/MWh in New South Wales on 26 November at 12:15.
For New South Wales and Victoria and South Australia, that is the most negative-price hours of the 3 months on record.
It was the highest monthly average of the 3 months on record for Queensland and Tasmania.
Spot prices by region, November 2025
| Region | Average | Lowest | Highest | Negative hours | Share of month | Intervals over $300 | Over $5,000 |
|---|---|---|---|---|---|---|---|
| Queensland | $63.05 | -$40.978 November at 10:00 | $989.7328 November at 18:25 | 205.7 | 29% | 30 | 0 |
| New South Wales | $76.93 | -$999.9926 November at 12:15 | $20,300.0025 November at 12:20 | 212.6 | 30% | 49 | 8 |
| Victoria | $31.92 | -$209.3021 November at 14:00 | $298.1011 November at 06:50 | 319.1 | 44% | 0 | 0 |
| South Australia | $32.48 | -$303.5210 November at 13:55 | $1,000.005 November at 19:35 | 345.3 | 48% | 15 | 0 |
| Tasmania | $40.51 | -$159.7021 November at 14:00 | $450.1820 November at 05:05 | 20.8 | 3% | 1 | 0 |
FCAS, monthly average prices
| Market | QLD | NSW | VIC | SA | TAS |
|---|---|---|---|---|---|
| Raise regulation | $7.41 | $7.39 | $7.39 | $7.39 | $10.41 |
| Lower regulation | $2.18 | $2.05 | $2.05 | $2.05 | $4.26 |
| Raise 1 second | $0.19 | $0.19 | $0.19 | $0.20 | $0.06 |
| Raise 6 second | $0.32 | $0.26 | $0.26 | $0.61 | $20.29 |
| Raise 60 second | $0.26 | $0.16 | $0.16 | $0.33 | $0.57 |
| Raise 5 minute | $0.13 | $0.11 | $0.11 | $0.11 | $0.27 |
| Lower 1 second | $0.01 | $0.01 | $0.01 | $0.03 | $0.00 |
| Lower 6 second | $2.45 | $0.14 | $0.14 | $0.14 | $2.62 |
| Lower 60 second | $1.68 | $0.30 | $0.30 | $0.31 | $0.90 |
| Lower 5 minute | $0.27 | $0.15 | $0.15 | $0.15 | $1.64 |
Download the figures behind this report: spot prices and negative hours (CSV), FCAS averages (CSV). What this month would have meant for a battery: the BESS revenue calculator.
Data: Australian Energy Market Operator (AEMO), NEMWeb dispatch reports, used under AEMO's Copyright Permissions. Processed by ElectraGlobe. Prices are 5-minute dispatch prices in NEM time and may be revised. Informational only. Not for trading or financial decisions.