South Australia had the highest average spot price, $152.25/MWh, and Victoria the lowest, $38.55/MWh.
Across the five regions the average was $84.60/MWh, up 76% on December 2025.
Prices went below zero for 245.7 hours in South Australia, 33% of the month, the most of any region.
The highest 5-minute price was $20,300.00/MWh in South Australia on 18 January at 19:30.
The lowest was -$999.98/MWh in New South Wales on 10 January at 14:50.
It was the highest monthly average of the 5 months on record for Queensland and South Australia and Tasmania.
Spot prices by region, January 2026
| Region | Average | Lowest | Highest | Negative hours | Share of month | Intervals over $300 | Over $5,000 |
|---|---|---|---|---|---|---|---|
| Queensland | $64.03 | -$33.559 January at 15:40 | $19,727.8515 January at 18:55 | 61.0 | 8% | 11 | 3 |
| New South Wales | $67.22 | -$999.9810 January at 14:50 | $11,938.0510 January at 18:50 | 57.9 | 8% | 43 | 10 |
| Victoria | $38.55 | -$162.361 January at 12:00 | $3,026.0127 January at 17:50 | 212.9 | 29% | 83 | 0 |
| South Australia | $152.25 | -$325.001 January at 11:30 | $20,300.0018 January at 19:30 | 245.7 | 33% | 310 | 47 |
| Tasmania | $100.93 | -$15.0010 January at 23:55 | $20,300.0012 January at 16:55 | 3.1 | 0% | 53 | 3 |
FCAS, monthly average prices
| Market | QLD | NSW | VIC | SA | TAS |
|---|---|---|---|---|---|
| Raise regulation | $4.21 | $4.21 | $4.21 | $4.21 | $10.63 |
| Lower regulation | $0.99 | $0.99 | $0.99 | $0.99 | $1.62 |
| Raise 1 second | $0.07 | $0.07 | $0.07 | $0.07 | $0.03 |
| Raise 6 second | $0.11 | $0.11 | $0.11 | $0.11 | $20.67 |
| Raise 60 second | $0.08 | $0.08 | $0.08 | $0.08 | $5.26 |
| Raise 5 minute | $0.06 | $0.06 | $0.06 | $0.06 | $4.68 |
| Lower 1 second | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Lower 6 second | $0.05 | $0.05 | $0.05 | $0.05 | $1.04 |
| Lower 60 second | $0.12 | $0.12 | $0.12 | $0.12 | $0.36 |
| Lower 5 minute | $0.05 | $0.05 | $0.05 | $0.05 | $0.15 |
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.