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Australian Electricity Market Wrap

Mon 19 Jan 2026 - Fri 23 Jan 2026

Calendar Year Price as at Fri 23 Jan 2026

NSW VIC QLD SA
2027 98.45 72.89 83.67 85.76
2028 96.93 75.40 82.02 90.24
2029 99.12 82.00 81.96 93.53

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q1 2026 $81.00 $0.75 203 2091
VIC Base Q1 2026 $47.50 $4.00 206 1870
QLD Base Q1 2026 $77.01 $3.01 160 3052
SA Base Q1 2026 $70.00 -$2.00 - 138
NSW Base Q2 2026 $114.10 -$0.15 239 1987
VIC Base Q2 2026 $93.67 -$0.83 134 1930
QLD Base Q2 2026 $85.00 $1.50 69 2462
SA Base Q2 2026 $108.00 -$1.00 - 94

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q1 2026 $20.94 $2.34 57 1376
VIC Caps Q1 2026 $13.40 $4.25 136 1343
QLD Caps Q1 2026 $14.25 $3.00 108 852
SA Caps Q1 2026 $25.20 $0.20 2 141
NSW Caps Q2 2026 $24.40 -$0.60 107 1095
VIC Caps Q2 2026 $16.00 $0.25 55 754
QLD Caps Q2 2026 $11.75 -$0.45 5 679
SA Caps Q2 2026 $22.00 - - 86

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q1 2026 47.70% 0 $81.00 30.00% 0
VIC Q1 2026 27.74% 0 $48.00 30.00% 0
QLD Q1 2026 30.00% 0 $77.00 46.88% 0
SA Q1 2026 30.00% 0 $70.00 46.92% 25
NSW FY 2027 13.00% 0 $99.00 13.00% 0
VIC FY 2027 32.99% 0 $73.00 15.02% 0
QLD FY 2027 13.52% 0 $83.00 13.59% 0
SA FY 2027 30.00% 0 $86.00 30.00% 0
NSW CY 2027 13.00% 0 $98.00 15.79% 40
VIC CY 2027 32.99% 0 $73.00 16.87% 50
QLD CY 2027 13.52% 0 $84.00 13.59% 0
SA CY 2027 30.00% 0 $86.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 23 Jan 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
Mar 2026 - 0 - - 20 - - 0 - - 0 -
Apr 2026 - 0 - - 0 - - 0 - - 0 -
May 2026 - 0 - - 0 - - 0 - - 0 -
Jun 2026 - 0 - - 0 - - 0 - - 0 -
Q12026 2 2,091 1,376 0 1,870 1,343 0 3,052 852 0 138 141
Q22026 2 1,987 1,095 0 1,930 754 0 2,462 679 0 94 86
Q32026 2 1,707 608 0 1,459 655 0 2,180 627 0 122 94
Q42026 2 1,550 572 0 1,256 649 0 1,997 565 0 146 89
Q12027 0 1,310 379 0 1,058 442 0 1,971 626 0 126 82
Q22027 0 1,278 372 0 999 199 0 1,857 443 0 98 52
Q32027 0 865 227 0 699 100 0 1,351 401 0 71 36
Q42027 0 859 228 0 615 87 0 1,327 399 0 71 38
Q12028 0 647 181 0 392 111 0 886 471 0 71 31
Q22028 0 599 177 0 304 90 0 809 459 0 64 31
Q32028 0 377 124 0 160 66 0 511 340 0 43 29
Q42028 0 425 121 0 188 59 0 505 354 0 43 29
Q12029 0 150 12 0 63 3 0 186 85 0 0 0
Q22029 0 158 4 0 64 0 0 198 64 0 0 0
Q32029 0 33 3 0 10 0 0 41 53 0 0 0
Q42029 0 22 3 0 10 0 0 39 54 0 0 0
Total 8 14,058 5,482 0 11,097 4,558 0 19,372 6,472 0 1,087 738

Options Open Interest As at COB Fri 23 Jan 2026

  NSW VIC QLD SA
Mar 2026 4,123 3,255 6,426 114
Jun 2026 2,890 2,460 1,245 0
Sep 2026 1,100 400 400 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Jun 2027 0 0 0 0
Fin 2027 2,100 2,505 4,664 0
Cal 2027 1,361 1,280 2,630 0
Fin 2028 1,205 800 2,075 0
Cal 2028 1,170 675 1,640 0
Fin 2029 0 100 525 0
Cal 2029 0 0 0 0
Total 13,949 11,575 19,605 114

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026283,1801,939.59
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
Dec 202539,2241,867.81
Nov 202540,0512,002.55
Oct 202542,3261,840.26
Sep 202536,7501,670.45
Aug 202533,4731,593.95
Jul 202536,2341,575.39
Jun 202557,8782,756.10
May 202564,5232,932.86
Apr 202525,4421,339.05
Mar 202531,0291,477.57
Feb 202541,5122,075.60
Jan 202526,0561,240.76
Dec 202422,3251,116.25
Nov 202443,4092,067.10
Oct 202425,4151,105.00
Sep 202422,6701,079.52
Aug 202430,1801,371.82
Jul 202431,9441,388.87
Jun 202428,0931,478.58
May 202480,7083,509.04
Apr 202431,0351,551.75
Mar 202429,7181,485.90
Feb 202448,0122,286.29

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