Australian Electricity Market Wrap

Mon 28 Sep 2026 - Fri 2 Oct 2026

Calendar Year Price as at Fri 2 Oct 2026

NSW VIC QLD SA
2027 95.16 70.88 81.42 81.42
2028 97.00 79.44 83.66 93.57
2029 102.96 89.34 90.25 104.44
2030 108.55 98.60 94.50 113.43

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2026 $90.43 $7.09 467 3109
VIC Base Q4 2026 $48.24 $4.54 246 2186
QLD Base Q4 2026 $73.00 $0.80 301 3255
SA Base Q4 2026 $51.10 $0.60 1 283
NSW Base Q1 2027 $96.25 $5.67 471 2816
VIC Base Q1 2027 $68.00 $4.55 199 2141
QLD Base Q1 2027 $88.00 $2.59 363 3555
SA Base Q1 2027 $80.00 $2.00 5 203

Caps Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2026 $11.95 $0.20 234 1142
VIC Caps Q4 2026 $5.75 -$0.08 74 1134
QLD Caps Q4 2026 $7.75 -$0.08 84 1073
SA Caps Q4 2026 $9.90 - - 135
NSW Caps Q1 2027 $20.00 $1.15 94 721
VIC Caps Q1 2027 $17.50 $1.45 90 1085
QLD Caps Q1 2027 $16.00 $0.45 101 1236
SA Caps Q1 2027 $23.40 $1.40 - 167

Options Volatility

Contract Call ATM($) Put
Volatility Open Interest Volatility Open Interest
NSW Q4 2026 62.40% 680 $90.00 0.46% 125
VIC Q4 2026 27.74% 0 $48.00 0.30% 0
QLD Q4 2026 30.00% 0 $73.00 0.30% 0
SA Q4 2026 30.00% 0 $51.00 0.30% 0
NSW FY 2028 23.48% 25 $95.00 26.62% 150
VIC FY 2028 21.34% 75 $72.00 16.89% 75
QLD FY 2028 13.52% 50 $81.00 13.59% 0
SA FY 2028 30.00% 0 $86.00 30.00% 0
NSW CY 2028 0.00% 0 $0.00 0.00% 0
VIC CY 2028 0.00% 0 $0.00 0.00% 0
QLD CY 2028 0.00% 0 $0.00 0.00% 0
SA CY 2028 0.00% 0 $0.00 0.00% 0

Futures and Caps Open Interest as at COB Fri 2 Oct 2026

NSW VIC QLD SA
Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Oct 2026 - 0 - - 2 - - 0 - - 0 -
Nov 2026 - 15 - - 2 - - 0 - - 0 -
Dec 2026 - 0 - - 0 - - 0 - - 0 -
Jan 2027 - 0 - - 0 - - 0 - - 0 -
Feb 2027 - 0 - - 0 - - 0 - - 0 -
Mar 2027 - 0 - - 0 - - 0 - - 0 -
Q4 2026 2 3,109 1,142 0 2,186 1,134 5 3,255 1,073 1 283 135
Q1 2027 0 2,816 721 0 2,141 1,085 1 3,555 1,236 1 203 167
Q2 2027 5 2,392 504 0 1,841 407 1 2,641 735 1 182 114
Q3 2027 5 1,919 397 0 1,017 356 1 2,341 719 0 221 114
Q4 2027 0 1,929 378 0 1,265 598 1 2,412 526 0 262 169
Q1 2028 0 1,375 284 0 789 634 1 1,978 701 0 376 160
Q2 2028 0 1,288 238 0 780 370 1 1,989 651 0 342 125
Q3 2028 0 952 199 0 632 203 0 1,433 532 0 212 152
Q4 2028 0 964 195 0 531 222 0 1,436 514 0 211 195
Q1 2029 0 654 132 0 653 182 0 829 403 0 197 141
Q2 2029 0 645 114 0 614 162 0 803 253 0 179 135
Q3 2029 0 493 35 0 444 143 0 452 196 0 162 129
Q4 2029 0 516 27 0 478 141 0 450 197 0 203 109
Q1 2030 0 91 11 0 227 35 0 110 88 0 108 66
Q2 2030 0 83 2 0 225 35 0 115 74 0 50 79
Q3 2030 0 0 0 0 1 0 0 0 1 0 0 0
Q4 2030 0 0 0 0 2 0 0 0 0 0 3 0
Total 36 19,241 4,379 0 13,830 5,707 33 23,799 7,899 9 3,194 1,990

Options Open Interest as at COB Fri 2 Oct 2026

NSW VIC QLD SA
Dec 2026 9,535 4,157 5,862 112
Mar 2027 6,453 4,042 6,402 0
Jun 2027 475 1,565 450 0
Sep 2027 300 900 100 0
Dec 2027 150 700 50 0
Mar 2028 0 0 0 0
Cal 2027 5,291 2,030 5,266 0
Fin 2028 2,816 1,840 4,001 0
Cal 2028 2,659 950 4,137 0
Fin 2029 1,731 1,260 1,780 0
Cal 2029 1,670 1,125 2,210 0
Fin 2030 600 595 325 0
Total 31,680 19,164 30,583 112

Historical Trade Volumes

Year Total Volume Average Daily Volume
FY 2023-2024 519,917 2,063.16
FY 2024-2025 422,383 1,662.93
FY 2025-2026 626,098 2,464.95
Nov 2024 43,409 2,067.10
Dec 2024 22,325 1,116.25
Jan 2025 26,056 1,240.76
Feb 2025 41,512 2,075.60
Mar 2025 31,029 1,477.57
Apr 2025 25,442 1,339.05
May 2025 64,523 2,932.86
Jun 2025 57,878 2,756.10
Jul 2025 36,264 1,576.70
Aug 2025 33,473 1,593.95
Sep 2025 36,762 1,671.00
Oct 2025 42,328 1,840.35
Nov 2025 40,054 2,002.70
Dec 2025 39,227 1,867.95
Jan 2026 64,892 3,244.60
Feb 2026 58,983 2,949.15
Mar 2026 75,971 3,453.23
Apr 2026 49,519 2,475.95
May 2026 77,435 3,687.38
Jun 2026 71,190 3,390.00
Jul 2026 80,043 3,480.13
Aug 2026 64,846 3,087.90
Sep 2026 67,048 3,047.64