The NEM is undergoing its fastest-ever transformation. Coal is exiting, renewables are dominating, and grid stability is the defining challenge.
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As of April 2026, Australians are typically seeing quarterly electricity bills around AUD $399 nationally. State-by-state, Queensland residents face the highest average at AUD $456 per quarter, closely followed by New South Wales at AUD $445. Victoria reports a comparatively lower average of AUD $378, while South Australia is around AUD $384, and Western Australia has the lowest average at AUD $274 per quarter.
Significant transmission projects are underway to bolster grid reliability, including Project EnergyConnect, which is scheduled for completion of its second stage in the last quarter of 2026, linking South Australia, New South Wales, and Victoria. This critical interconnector has a revised net project cost of AUD $3.6 billion. Additionally, Marinus Link, a 750 MW undersea and underground transmission line connecting Tasmania and Victoria, commenced construction in 2026 with Stage 1 expected by 2030, aiming to enhance energy sharing and stability. Grid-scale battery storage is rapidly expanding, with Western Australia's 500 MW / 2,400 MWh Collie BESS currently the largest operational, and New South Wales' 1.2 GW Hansworth BESS poised to become the largest once fully connected. AEMO's Draft 2026 Integrated System Plan projects grid-scale battery energy storage systems (BESS) to reach 24 GW by 2030.
Australia's largest coal-fired power plant, the 2,880 MW Eraring Power Station in New South Wales, has had its closure delayed from August 2027 to April 2029 to maintain grid stability during the energy transition. A Bloomberg NEF analysis from January 2026 indicates that 75% of Australia's current coal capacity is expected to retire by 2035, with 90% by 2040. The Australian Energy Market Operator's (AEMO) Draft 2026 Integrated System Plan identifies renewable energy, primarily wind and solar, firmed by battery storage and pumped hydro, as the least-cost and most reliable pathway to replace these retiring coal generators.
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