Tasmania had the highest average spot price, $96.14/MWh, and Victoria the lowest, $64.77/MWh.
Across the five regions the average was $79.35/MWh, up 37% on April 2026.
Prices went below zero for 112.7 hours in Victoria, 15% of the month, the most of any region.
The highest 5-minute price was $449.16/MWh in Tasmania on 26 May at 09:35.
The lowest was -$45.73/MWh in South Australia on 19 May at 14:45.
It was the highest monthly average of the 9 months on record for Queensland and Victoria.
Spot prices by region, May 2026
| Region | Average | Lowest | Highest | Negative hours | Share of month | Intervals over $300 | Over $5,000 |
|---|---|---|---|---|---|---|---|
| Queensland | $76.34 | -$25.0128 May at 14:40 | $338.1118 May at 12:20 | 46.1 | 6% | 4 | 0 |
| New South Wales | $82.01 | -$8.8920 May at 13:15 | $341.1418 May at 13:00 | 10.0 | 1% | 13 | 0 |
| Victoria | $64.77 | -$26.5815 May at 13:00 | $299.9718 May at 12:15 | 112.7 | 15% | 0 | 0 |
| South Australia | $77.49 | -$45.7319 May at 14:45 | $349.0910 May at 09:05 | 95.3 | 13% | 9 | 0 |
| Tasmania | $96.14 | $52.104 May at 16:00 | $449.1626 May at 09:35 | 0.0 | 0% | 4 | 0 |
FCAS, monthly average prices
| Market | QLD | NSW | VIC | SA | TAS |
|---|---|---|---|---|---|
| Raise regulation | $4.63 | $4.64 | $4.64 | $4.66 | $5.36 |
| Lower regulation | $1.82 | $1.71 | $1.71 | $1.71 | $2.08 |
| Raise 1 second | $0.03 | $0.03 | $0.03 | $0.05 | $0.01 |
| Raise 6 second | $0.05 | $0.10 | $0.10 | $0.19 | $2.90 |
| Raise 60 second | $0.04 | $0.08 | $0.08 | $0.16 | $0.49 |
| Raise 5 minute | $0.02 | $0.02 | $0.02 | $0.05 | $0.25 |
| Lower 1 second | $0.07 | $0.00 | $0.00 | $0.00 | $0.00 |
| Lower 6 second | $0.51 | $0.01 | $0.01 | $0.01 | $1.38 |
| Lower 60 second | $0.49 | $0.04 | $0.04 | $0.04 | $0.35 |
| Lower 5 minute | $0.13 | $0.02 | $0.02 | $0.02 | $0.21 |
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.