New South Wales had the highest average spot price, $71.36/MWh, and Victoria the lowest, $27.51/MWh.
Across the five regions the average was $48.10/MWh, down 2% on November 2025.
Prices went below zero for 350.8 hours in South Australia, 47% of the month, the most of any region.
The highest 5-minute price was $20,299.99/MWh in South Australia on 28 December at 22:45.
The lowest was -$999.99/MWh in New South Wales on 22 December at 10:55.
For South Australia, that is the most negative-price hours of the 4 months on record.
It was the highest monthly average of the 4 months on record for Tasmania.
Spot prices by region, December 2025
| Region | Average | Lowest | Highest | Negative hours | Share of month | Intervals over $300 | Over $5,000 |
|---|---|---|---|---|---|---|---|
| Queensland | $54.38 | -$94.026 December at 07:25 | $379.676 December at 17:50 | 185.1 | 25% | 2 | 0 |
| New South Wales | $71.36 | -$999.9922 December at 10:55 | $14,001.0119 December at 13:50 | 157.1 | 21% | 62 | 9 |
| Victoria | $27.51 | -$253.6025 December at 13:35 | $324.2618 December at 19:00 | 289.4 | 39% | 5 | 0 |
| South Australia | $27.92 | -$906.6815 December at 14:50 | $20,299.9928 December at 22:45 | 350.8 | 47% | 48 | 2 |
| Tasmania | $59.34 | -$107.1827 December at 13:05 | $350.0229 December at 16:20 | 24.8 | 3% | 2 | 0 |
FCAS, monthly average prices
| Market | QLD | NSW | VIC | SA | TAS |
|---|---|---|---|---|---|
| Raise regulation | $4.04 | $4.04 | $4.04 | $4.04 | $5.26 |
| Lower regulation | $1.39 | $1.38 | $1.38 | $1.38 | $2.06 |
| Raise 1 second | $0.10 | $0.10 | $0.10 | $0.10 | $0.03 |
| Raise 6 second | $0.16 | $0.16 | $0.16 | $0.16 | $4.52 |
| Raise 60 second | $0.11 | $0.11 | $0.11 | $0.11 | $0.62 |
| Raise 5 minute | $0.08 | $0.08 | $0.08 | $0.08 | $0.21 |
| Lower 1 second | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Lower 6 second | $0.13 | $0.09 | $0.09 | $0.10 | $5.17 |
| Lower 60 second | $0.25 | $0.21 | $0.21 | $0.22 | $0.46 |
| Lower 5 minute | $0.11 | $0.10 | $0.10 | $0.11 | $0.22 |
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.