Tasmania had the highest average spot price, $90.28/MWh, and Victoria the lowest, $45.06/MWh.
Across the five regions the average was $68.99/MWh, down 18% on January 2026.
Prices went below zero for 186.0 hours in South Australia, 28% of the month, the most of any region.
The highest 5-minute price was $20,300.00/MWh in New South Wales on 5 February at 14:30.
The lowest was -$715.11/MWh in Victoria on 6 February at 12:55.
It was the highest monthly average of the 6 months on record for Queensland and New South Wales.
Spot prices by region, February 2026
| Region | Average | Lowest | Highest | Negative hours | Share of month | Intervals over $300 | Over $5,000 |
|---|---|---|---|---|---|---|---|
| Queensland | $69.87 | -$33.1528 February at 12:35 | $382.145 February at 17:55 | 44.3 | 7% | 7 | 0 |
| New South Wales | $83.76 | -$82.9611 February at 17:05 | $20,300.005 February at 14:30 | 25.3 | 4% | 53 | 9 |
| Victoria | $45.06 | -$715.116 February at 12:55 | $269.7817 February at 16:35 | 135.1 | 20% | 0 | 0 |
| South Australia | $56.00 | -$318.4112 February at 13:40 | $20,300.007 February at 05:30 | 186.0 | 28% | 53 | 1 |
| Tasmania | $90.28 | -$58.916 February at 13:00 | $350.3023 February at 18:35 | 0.3 | 0% | 5 | 0 |
FCAS, monthly average prices
| Market | QLD | NSW | VIC | SA | TAS |
|---|---|---|---|---|---|
| Raise regulation | $4.48 | $4.48 | $4.48 | $4.49 | $6.54 |
| Lower regulation | $1.06 | $1.06 | $1.06 | $1.06 | $1.42 |
| Raise 1 second | $0.04 | $0.04 | $0.04 | $0.04 | $0.01 |
| Raise 6 second | $0.08 | $0.08 | $0.08 | $0.08 | $67.16 |
| Raise 60 second | $0.06 | $0.06 | $0.06 | $0.07 | $0.38 |
| Raise 5 minute | $0.04 | $0.04 | $0.04 | $0.04 | $0.17 |
| Lower 1 second | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 |
| Lower 6 second | $0.05 | $0.05 | $0.05 | $0.06 | $1.14 |
| Lower 60 second | $0.08 | $0.08 | $0.08 | $0.11 | $0.43 |
| Lower 5 minute | $0.03 | $0.03 | $0.03 | $0.04 | $0.16 |
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.