Australian Energy & Environmental Market Update - April 2026

Australian Energy & Environmental Market Update - April 2026

Key market developments in April

• Wholesale electricity prices followed similar trends to March, with spot outcomes continuing to soften month-on-month as underlying demand across the NEM declined by 3%.
• Electricity spot outcomes in April were characterised by higher occurrence of negative price intervals across the NEM. The SA market was a clear outlier exhibiting higher relative volatility with an increased frequency of pricing above $300/MWh.
• Electricity flat futures prices eased across all regions this month, reversing the brief recovery seen in the prior month.
• NEM-wide Variable Renewable Energy (VRE) penetration increased by 1.8 percentage points from March, reaching 44.34%.
• Environmental markets delivered mixed outcomes this month: LGC prices continued to soften, STCs and PRCs held steady, VEECs experienced notable volatility, and ESCs continued to firm.
• The ESC market continued to be supported by persistently low creation volumes following the effective removal of commercial lighting activity.