NEM Wrapped 2025: What you might have missed on WattClarity this year
Our annual end-of-year wrap-up looking back at the key events, market developments, and analysis that shaped the NEM — and our coverage of it — over 2025.
Articles by Dan Lee
Dan is a Market Analyst, who joined Global-Roam in June 2013.
He departed (and returned) for a couple of brief stints overseas, before rejoining the team permanently in late 2019. Alongside his work at Global-Roam, he has undertaken short-term contract roles as an analyst and researcher in various areas of the energy sector. Dan graduated from the Master of Sustainable Energy program at the University of Queensland in 2024.
AEMO signals intention to negotiate RERT contracts as evening supply–demand tightens in NSW on Thursday 18th December 2025
In the last few minutes the AEMO have issued a market notice signalling its intention to commence RERT negotiations for the NSW region during this evening’s predicted period of supply-demand tightness.
AEMO propose rule change to reform compensation frameworks
The AEMO have proposed a rule change to consolidate and streamline the NEM’s various compensation schemes, in an attempt to address some of the issues identified from the June 2022 market suspension.
Final Nelson Review report and ministerial communique released on Tuesday 16th December 2025
The final report of the Nelson Review has been released alongside a ministerial council communique, with ministers agreeing in principle to the review’s core recommendations, with the exception of Queensland.
The long-term trend of forecast errors for daily peak demand in QLD over the past seven summers
A look at how AEMO’s short-term forecasts have performed at the daily peak in Queensland over the past seven summers — and how that performance is changing as rooftop PV grows.
One example of why some batteries were charging during price spikes over the past couple of days in NSW
This article looks at the N::N_CNLT_2 transient stability constraint on Tuesday to give an example of why some NSW batteries ended up charging through Tuesday’s price spike.
AEMC release the ‘2026 Reliability Standard and Setting Review’ draft report on Thursday 27th Nov 2025
The AEMC has published its draft 2026 Reliability Standard and Settings Review, setting out the Panel’s preliminary views on the future reliability standard and how the market should clear during minimum system load events.
Unpacking some of the drivers of volatility in NSW today, on Wednesday 26th Nov 2025
Today in NSW we saw large price spreads, material network curtailment, wild swings in demand, and several other factors unfold. This article summarises some of the high-level drivers of today's events.
Record intra-day price spread as the NSW spot price goes near the market floor, after hitting the market cap on Tuesday 25th Nov 2025
So far today we've seen a $21,019.65/MWh intra-day price spread in NSW, underscoring just how far prices can swing in the NEM.
Price spikes up to the MPC in NSW, seemingly out of the blue, during the middle of Tuesday, 25th Nov 2025
A brief but unexpected spike to the market cap in NSW in middle of today has prompted a closer look at the rapid demand jump, counter-price flows and binding constraints that shaped the outcome.
Energex report nearly 100,000 customers still without power this morning in South-East Queensland after last night’s storms
A fast-moving thunderstorm system swept through Brisbane and surrounding regions on Monday afternoon, bringing destructive winds, giant hail and more than 800,000 lightning strikes.
A case study into reserve uncertainty during peak demand events in the NEM
A summary of a recent academic case study looking into the events of January 22, 2024 in the QLD region, revealing how DER dynamics, weather variability and forecast limitations are amplifying operational challenges.
Reflections from our presentation to the CEC this week: A stocktake on the CIS
Linton and I had the pleasure of speaking to the CEC on Wednesday, this short article shares a couple of slides from the presentation and a list of questions we're still pondering about the...
A quick look at some of the market dynamics around the NEM during this afternoon’s frequency episode
This afternoon we saw mainland frequency briefly step above its normal operating band for approximately 20 minutes — potentially the result of a data glitch. In this quick piece, we unpack some market dynamics...
Four observations from All-Energy 2025
Four reflections from All-Energy 2025 in Melbourne last week— where home batteries took the limelight, government-backed contracting showed some cracks, control-room pressures loomed large, and gas remained the conference’s quiet taboo.
Are CIS-ters doin’ it for themselves? Part 4: Policy lessons highlighted by the Nelson Review
In the final part of our four-part CIS series, we zoom out to examine what government-backed Contract-for-Difference schemes are really achieving — drawing on policy lessons from the Nelson Review.
Three themes from NEMDEV 2025
Dan shares a short reflection on three high-level themes that resonated throughout the NEMDEV conference in Brisbane this week. From winter reliability to rising costs and market reform, the discussions raised important questions about...
Are CIS-ters doin’ it for themselves? Part 3: Treatment of curtailment risk
In part three in this series about the CIS, we look at how a curtailment provision — briefly included in drafts for Tender 1 but later removed — may raise questions about how revenue...
Are CIS-ters doin’ it for themselves? Part 2: Understanding why there are delivery challenges
In part two of this four part series about the success of the CIS so far, we explore why delivery challenges may have emerged.
Are CIS-ters doin’ it for themselves? Part 1: Tracking the progress of CIS projects post-award
Recent debate has centred on the CIS’s success so far. In part one of this four-part series, we look at how projects have progressed since being awarded a contract.