Australian Electricity Market Wrap

Mon 25 May 2026 - Fri 29 May 2026

Calendar Year Price as at Fri 29 May 2026

NSW VIC QLD SA
2027 94.34 71.48 79.15 83.23
2028 93.79 78.40 79.25 88.54
2029 96.18 83.57 79.01 89.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q2 2026 $92.13 -$2.87 363 2732
VIC Base Q2 2026 $68.40 -$2.85 213 2701
QLD Base Q2 2026 $75.45 $1.01 194 3112
SA Base Q2 2026 $89.00 - - 141
NSW Base Q3 2026 $93.57 -$0.93 310 2588
VIC Base Q3 2026 $74.25 -$1.50 185 2310
QLD Base Q3 2026 $76.00 - 192 3010
SA Base Q3 2026 $94.50 - 3 173

Caps Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q2 2026 $10.00 -$3.75 227 1365
VIC Caps Q2 2026 $6.00 -$1.00 54 845
QLD Caps Q2 2026 $3.75 -$0.95 112 955
SA Caps Q2 2026 $13.00 - 1 98
NSW Caps Q3 2026 $11.50 -$2.50 59 690
VIC Caps Q3 2026 $9.00 - 7 739
QLD Caps Q3 2026 $5.90 -$0.85 20 781
SA Caps Q3 2026 $18.00 -$0.34 - 134

Options Volatility

Contract Call ATM($) Put
Volatility Open Interest Volatility Open Interest
NSW Q2 2026 47.70% 0 $92.00 0.30% 0
VIC Q2 2026 27.74% 0 $68.00 0.49% 0
QLD Q2 2026 64.37% 25 $75.00 0.49% 502
SA Q2 2026 30.00% 0 $89.00 0.30% 0
NSW FY 2027 0.00% 0 $0.00 0.00% 0
VIC FY 2027 0.00% 0 $0.00 0.00% 0
QLD FY 2027 0.00% 0 $0.00 0.00% 0
SA FY 2027 0.00% 0 $0.00 0.00% 0
NSW CY 2027 13.00% 0 $94.00 13.00% 0
VIC CY 2027 29.76% 10 $71.00 15.02% 0
QLD CY 2027 13.52% 0 $79.00 13.59% 0
SA CY 2027 30.00% 0 $83.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 29 May 2026

NSW VIC QLD SA
Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
May 2026 - 0 - - 0 - - 45 - - 0 -
Jun 2026 - 2 - - 30 - - 0 - - 0 -
Jul 2026 - 2 - - 5 - - 0 - - 0 -
Aug 2026 - 0 - - 0 - - 0 - - 0 -
Sep 2026 - 0 - - 0 - - 0 - - 0 -
Q2 2026 10 2,732 1,365 0 2,701 845 0 3,112 955 0 141 98
Q3 2026 2 2,588 690 3 2,310 739 0 3,010 781 1 173 134
Q4 2026 2 1,889 607 0 1,819 832 5 2,776 687 1 190 124
Q1 2027 0 2,109 498 0 1,559 614 1 2,790 909 1 142 136
Q2 2027 5 2,047 481 0 1,414 319 1 2,568 691 1 119 88
Q3 2027 5 1,444 263 0 798 213 1 1,856 599 0 96 38
Q4 2027 0 1,525 256 0 830 275 1 1,866 475 0 96 40
Q1 2028 0 1,017 204 0 464 381 0 1,550 629 0 158 35
Q2 2028 0 969 197 0 386 227 0 1,552 591 0 142 35
Q3 2028 0 569 126 0 285 150 0 945 421 0 118 31
Q4 2028 0 616 122 0 292 143 0 936 408 0 116 31
Q1 2029 0 325 21 0 230 111 0 341 130 0 90 0
Q2 2029 0 321 3 0 226 96 0 349 105 0 88 0
Q3 2029 0 149 5 0 84 94 0 119 93 0 79 0
Q4 2029 0 164 8 0 116 93 0 117 94 0 77 0
Q1 2030 0 4 0 0 0 5 0 0 5 0 0 0
Q2 2030 0 4 0 0 0 5 0 0 5 0 0 0
Total 72 18,476 4,846 9 13,549 5,142 27 23,932 7,578 12 1,825 790

Options Open Interest as at COB Fri 29 May 2026

NSW VIC QLD SA
Jun 2026 7,490 6,563 4,082 10
Sep 2026 4,472 3,020 2,085 10
Dec 2026 1,752 1,025 1,775 0
Mar 2027 2,220 1,245 1,550 0
Jun 2027 0 0 0 0
Sep 2027 0 0 0 0
Cal 2027 3,749 1,910 4,682 0
Fin 2028 1,965 1,025 3,401 0
Cal 2028 1,904 800 3,040 0
Fin 2029 595 445 1,005 0
Cal 2029 375 150 450 0
Fin 2030 0 0 0 0
Total 24,522 16,183 22,070 20

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 554,908 2,381.58
Jun 2024 28,093 1,478.58
Jul 2024 31,944 1,388.87
Aug 2024 30,180 1,371.82
Sep 2024 22,670 1,079.52
Oct 2024 25,415 1,105.00
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