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Australian Electricity Market Wrap

Mon 12 May 2025 - Fri 16 May 2025

Calendar Year Price as at Fri 16 May 2025

NSW VIC QLD SA
2026 120.01 77.51 102.14 92.97
2027 119.44 75.73 95.00 95.32
2028 119.96 76.35 91.39 97.74

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q2 2025 $143.00 $17.50 438 1959
VIC Base Q2 2025 $91.86 -$1.89 213 1654
QLD Base Q2 2025 $125.25 $10.50 84 2728
SA Base Q2 2025 $99.00 $0.25 - 117
NSW Base Q3 2025 $121.99 $0.45 150 1489
VIC Base Q3 2025 $94.83 -$0.42 262 1311
QLD Base Q3 2025 $104.20 $0.81 75 2428
SA Base Q3 2025 $108.00 - 5 64

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q2 2025 $39.60 $16.10 202 746
VIC Caps Q2 2025 $7.45 -$0.05 29 781
QLD Caps Q2 2025 $30.03 $10.53 175 715
SA Caps Q2 2025 $9.00 - - 162
NSW Caps Q3 2025 $24.21 $0.21 16 614
VIC Caps Q3 2025 $13.80 -$0.20 27 691
QLD Caps Q3 2025 $18.25 -$0.50 27 566
SA Caps Q3 2025 $23.50 -$1.00 1 156

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q2 2025 47.70% 0 $143.00 30.00% 0
VIC Q2 2025 27.74% 0 $92.00 30.00% 0
QLD Q2 2025 55.44% 276 $125.00 30.00% 0
SA Q2 2025 30.00% 0 $99.00 30.00% 0
NSW FY 2026 13.00% 0 $122.00 13.00% 0
VIC FY 2026 36.48% 50 $81.00 15.02% 0
QLD FY 2026 13.52% 0 $107.00 13.59% 0
SA FY 2026 30.00% 0 $93.00 30.00% 0
NSW CY 2026 24.24% 117 $120.00 25.24% 87
VIC CY 2026 28.27% 25 $78.00 15.02% 0
QLD CY 2026 13.52% 0 $102.00 13.59% 0
SA CY 2026 30.00% 0 $93.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 16 May 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
May 2025 - 177 - - 1 - - 111 - - 0 -
Jun 2025 - 86 - - 15 - - 47 - - 0 -
Jul 2025 - 0 - - 0 - - 10 - - 0 -
Aug 2025 - 0 - - 0 - - 0 - - 0 -
Sep 2025 - 12 - - 0 - - 0 - - 0 -
Q22025 6 1,959 746 4 1,654 781 0 2,728 715 0 117 162
Q32025 9 1,489 614 4 1,311 691 0 2,428 566 0 64 156
Q42025 6 1,416 741 0 1,304 779 0 2,192 600 0 54 114
Q12026 2 1,202 915 0 1,169 703 0 1,580 572 0 51 110
Q22026 2 1,193 710 0 1,156 527 0 1,535 508 0 56 89
Q32026 2 859 428 0 598 403 0 1,207 368 0 40 68
Q42026 2 864 397 0 734 390 0 1,143 360 0 55 59
Q12027 0 563 202 0 524 113 0 954 301 0 47 51
Q22027 0 533 201 0 452 93 0 894 293 0 27 41
Q32027 0 182 138 0 279 110 0 618 271 0 19 29
Q42027 0 170 138 0 327 108 0 685 270 0 22 30
Q12028 0 61 100 0 49 55 0 434 196 0 5 29
Q22028 0 27 100 0 24 55 0 440 191 0 3 29
Q32028 0 6 85 0 17 15 0 336 129 0 3 29
Q42028 0 6 85 0 53 15 0 342 129 0 3 29
Q12029 0 2 0 0 0 0 0 0 0 0 0 0
Q22029 0 3 0 0 0 0 0 0 0 0 0 0
Total 29 10,810 5,600 8 9,667 4,838 0 17,684 5,469 0 566 1,025

Options Open Interest As at COB Fri 16 May 2025

  NSW VIC QLD SA
Jun 2025 4,524 3,354 2,308 75
Sep 2025 2,367 2,143 2,335 0
Dec 2025 775 375 655 0
Mar 2026 175 250 50 0
Jun 2026 0 0 0 0
Sep 2026 0 0 0 0
Cal 2026 2,748 2,744 4,306 0
Fin 2027 478 1,105 2,439 0
Cal 2027 185 740 1,445 0
Fin 2028 0 100 525 0
Cal 2028 0 0 375 0
Total 11,252 10,811 14,438 75

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2024-2025330,8211,483.50
FY 2023-2024519,9172,063.16
FY 2022-2023483,9611,912.89
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
Jan 202442,1462,006.95
Dec 202332,5491,713.11
Nov 202382,9883,772.18
Oct 202345,2112,055.05
Sep 202322,8371,087.48
Aug 202338,0681,655.13
Jul 202338,5521,835.81
Jun 202332,9451,568.81

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