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Australian Electricity Market Wrap

Mon 23 Jun 2025 - Fri 27 Jun 2025

Calendar Year Price as at Fri 27 Jun 2025

NSW VIC QLD SA
2026 122.60 83.24 104.81 94.41
2027 117.25 77.88 97.98 91.00
2028 115.50 77.15 91.04 93.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q2 2025 $171.50 $27.75 371 2161
VIC Base Q2 2025 $149.00 $29.87 417 1788
QLD Base Q2 2025 $123.05 $2.05 174 2840
SA Base Q2 2025 $137.50 $25.49 - 115
NSW Base Q3 2025 $138.25 $9.84 673 1933
VIC Base Q3 2025 $124.50 $15.00 248 1507
QLD Base Q3 2025 $108.50 $1.95 162 2688
SA Base Q3 2025 $121.00 $7.95 7 63

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q2 2025 $66.50 $26.00 572 1065
VIC Caps Q2 2025 $54.75 $26.75 493 1145
QLD Caps Q2 2025 $28.75 $2.25 83 740
SA Caps Q2 2025 $40.00 $13.50 14 150
NSW Caps Q3 2025 $39.00 $9.25 108 652
VIC Caps Q3 2025 $32.75 $11.25 154 700
QLD Caps Q3 2025 $21.00 $1.50 51 589
SA Caps Q3 2025 $38.00 $7.00 8 194

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q2 2025 47.70% 0 $172.00 30.00% 0
VIC Q2 2025 48.45% 0 $149.00 30.00% 0
QLD Q2 2025 30.00% 0 $123.00 30.00% 0
SA Q2 2025 30.00% 0 $138.00 30.00% 0
NSW FY 2026 0.00% $0.00 0.00%
VIC FY 2026 0.00% $0.00 0.00%
QLD FY 2026 0.00% $0.00 0.00%
SA FY 2026 0.00% $0.00 0.00%
NSW CY 2026 13.00% 0 $123.00 13.00% 0
VIC CY 2026 27.50% 25 $83.00 15.02% 0
QLD CY 2026 20.08% 275 $105.00 25.76% 50
SA CY 2026 30.00% 0 $94.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 27 Jun 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Jul 2025 - 35 - - 5 - - 32 - - 0 -
Aug 2025 - 5 - - 20 - - 0 - - 0 -
Sep 2025 - 51 - - 0 - - 2 - - 0 -
Q32025 9 1,933 652 4 1,507 700 0 2,688 589 0 63 194
Q42025 6 1,496 770 0 1,532 813 0 2,324 587 0 61 113
Q12026 2 1,411 924 0 1,421 791 0 1,845 587 0 112 114
Q22026 2 1,430 713 0 1,390 689 0 1,770 530 0 66 94
Q32026 2 1,002 416 0 702 506 0 1,358 417 0 58 73
Q42026 2 996 349 0 786 394 0 1,265 386 0 71 61
Q12027 0 736 224 0 590 107 0 1,002 418 0 58 68
Q22027 0 724 219 0 501 99 0 1,013 369 0 33 43
Q32027 0 336 153 0 402 98 0 675 330 0 26 31
Q42027 0 331 153 0 379 92 0 739 327 0 26 34
Q12028 0 172 117 0 70 91 0 413 219 0 8 29
Q22028 0 150 116 0 56 91 0 428 219 0 6 29
Q32028 0 37 95 0 25 49 0 296 180 0 5 29
Q42028 0 35 95 0 61 49 0 300 180 0 5 29
Q12029 0 2 0 0 4 0 0 9 1 0 0 0
Q22029 0 3 0 0 4 0 0 9 0 0 0 0
Total 23 10,885 4,996 4 9,455 4,569 0 16,168 5,339 0 598 941

Options Open Interest As at COB Fri 27 Jun 2025

  NSW VIC QLD SA
Sep 2025 3,459 2,490 3,090 6
Dec 2025 1,070 650 755 0
Mar 2026 325 450 325 20
Jun 2026 0 0 0 0
Sep 2026 0 0 0 0
Cal 2026 2,658 2,655 4,552 0
Fin 2027 1,176 1,745 3,016 0
Cal 2027 285 740 1,459 0
Fin 2028 100 150 750 0
Cal 2028 0 300 400 0
Fin 2029 0 0 0 0
Total 9,073 9,180 14,347 26

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2024-2025420,3981,661.65
FY 2023-2024519,9172,063.16
FY 2022-2023483,9611,912.89
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
Aug 202338,0681,655.13
Jul 202338,5521,835.81

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