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Australian Electricity Market Wrap

Mon 4 Aug 2025 - Fri 8 Aug 2025

Calendar Year Price as at Fri 8 Aug 2025

NSW VIC QLD SA
2026 118.40 79.70 100.90 96.20
2027 114.89 75.46 95.89 94.73
2028 115.26 75.62 91.50 94.80

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q3 2025 $97.00 -$2.00 193 2104
VIC Base Q3 2025 $78.00 -$3.00 160 1690
QLD Base Q3 2025 $77.25 -$2.00 57 2898
SA Base Q3 2025 $117.00 -$2.00 - 69
NSW Base Q4 2025 $110.25 $1.25 121 1605
VIC Base Q4 2025 $57.50 $2.50 69 1468
QLD Base Q4 2025 $95.00 $1.50 55 2414
SA Base Q4 2025 $59.23 - - 61

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q3 2025 $10.48 -$2.27 60 791
VIC Caps Q3 2025 $7.75 -$2.75 202 776
QLD Caps Q3 2025 $5.75 -$2.25 12 606
SA Caps Q3 2025 $31.50 -$5.00 6 184
NSW Caps Q4 2025 $26.00 $0.75 47 802
VIC Caps Q4 2025 $11.25 $0.35 84 816
QLD Caps Q4 2025 $18.00 - 20 576
SA Caps Q4 2025 $18.00 - 3 105

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q3 2025 47.70% 0 $97.00 30.00% 0
VIC Q3 2025 27.74% 0 $78.00 30.00% 0
QLD Q3 2025 30.00% 0 $77.00 30.00% 0
SA Q3 2025 30.00% 0 $117.00 30.00% 0
NSW FY 2027 20.05% 25 $115.00 21.17% 50
VIC FY 2027 32.99% 0 $77.00 15.02% 25
QLD FY 2027 20.48% 60 $98.00 13.59% 0
SA FY 2027 30.00% 0 $96.00 30.00% 0
NSW CY 2027 0.00% $0.00 0.00%
VIC CY 2027 0.00% $0.00 0.00%
QLD CY 2027 0.00% $0.00 0.00%
SA CY 2027 0.00% $0.00 0.00%

Futures and Caps Open Interest as at COB Fri 8 Aug 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Aug 2025 - 5 - - 46 - - 0 - - 0 -
Sep 2025 - 79 - - 4 - - 2 - - 0 -
Oct 2025 - 77 - - 0 - - 0 - - 0 -
Nov 2025 - 5 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 21 - - 0 -
Q32025 9 2,104 791 4 1,690 776 0 2,898 606 0 69 184
Q42025 6 1,605 802 0 1,468 816 0 2,414 576 0 61 105
Q12026 2 1,365 907 0 1,387 974 0 1,968 667 0 124 120
Q22026 2 1,538 751 0 1,363 710 0 1,735 550 0 70 95
Q32026 2 1,070 444 0 869 520 0 1,459 438 0 104 76
Q42026 2 1,130 361 0 899 392 0 1,346 400 0 116 60
Q12027 0 812 223 0 690 97 0 1,149 422 0 119 68
Q22027 0 815 222 0 580 125 0 1,107 376 0 90 43
Q32027 0 435 158 0 480 89 0 718 330 0 69 31
Q42027 0 450 158 0 437 89 0 750 327 0 69 34
Q12028 0 259 122 0 150 101 0 474 229 0 67 29
Q22028 0 238 121 0 119 101 0 436 229 0 64 29
Q32028 0 49 95 0 52 59 0 309 190 0 40 29
Q42028 0 52 95 0 86 59 0 314 190 0 40 29
Q12029 0 3 7 0 4 0 0 34 1 0 0 0
Q22029 0 3 0 0 4 0 0 34 0 0 0 0
Total 23 12,094 5,257 4 10,328 4,908 0 17,168 5,531 0 1,102 932

Options Open Interest As at COB Fri 8 Aug 2025

  NSW VIC QLD SA
Sep 2025 4,100 2,580 3,240 31
Dec 2025 1,758 855 1,087 4
Mar 2026 600 1,100 850 20
Jun 2026 150 0 0 0
Sep 2026 0 50 0 0
Dec 2026 0 0 0 0
Cal 2026 2,756 2,765 4,484 0
Fin 2027 1,368 2,075 3,316 0
Cal 2027 365 740 1,585 0
Fin 2028 100 200 850 0
Cal 2028 0 300 500 0
Fin 2029 0 0 100 0
Total 11,197 10,665 16,012 55

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
FY 2022-2023483,9611,912.89
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
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

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