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Australian Electricity Market Wrap

Mon 15 Sep 2025 - Fri 19 Sep 2025

Calendar Year Price as at Fri 19 Sep 2025

NSW VIC QLD SA
2026 118.01 79.12 103.89 94.88
2027 114.77 75.54 97.50 93.50
2028 115.55 79.35 92.98 95.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q3 2025 $92.00 - 28 2119
VIC Base Q3 2025 $77.30 -$0.20 71 1765
QLD Base Q3 2025 $73.60 -$0.30 8 2925
SA Base Q3 2025 $105.50 -$1.50 - 69
NSW Base Q4 2025 $109.25 -$1.00 107 1791
VIC Base Q4 2025 $54.35 -$0.45 46 1542
QLD Base Q4 2025 $97.00 $1.50 47 2546
SA Base Q4 2025 $59.35 -$0.15 6 77

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q3 2025 $3.00 - 5 1001
VIC Caps Q3 2025 $2.35 -$0.15 11 876
QLD Caps Q3 2025 $1.55 -$0.25 5 660
SA Caps Q3 2025 $26.75 -$0.25 - 196
NSW Caps Q4 2025 $26.50 - 26 891
VIC Caps Q4 2025 $9.50 - 16 872
QLD Caps Q4 2025 $19.70 $0.45 9 663
SA Caps Q4 2025 $18.00 - - 114

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q3 2025 47.70% 0 $92.00 30.00% 0
VIC Q3 2025 27.74% 0 $77.00 30.00% 0
QLD Q3 2025 30.00% 0 $74.00 30.00% 0
SA Q3 2025 30.00% 0 $106.00 30.00% 0
NSW FY 2027 20.05% 25 $115.00 20.40% 75
VIC FY 2027 32.99% 0 $76.00 15.02% 0
QLD FY 2027 20.37% 225 $100.00 26.65% 0
SA FY 2027 30.00% 0 $94.00 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 19 Sep 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Sep 2025 - 97 - - 6 - - 2 - - 0 -
Oct 2025 - 77 - - 0 - - 0 - - 0 -
Nov 2025 - 5 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 21 - - 0 -
Q32025 9 2,119 1,001 4 1,765 876 0 2,925 660 0 69 196
Q42025 6 1,791 891 0 1,542 872 0 2,546 663 0 77 114
Q12026 2 1,493 997 0 1,373 1,116 0 2,151 735 0 126 123
Q22026 2 1,652 867 0 1,372 772 0 1,810 556 0 73 95
Q32026 2 1,234 478 0 960 541 0 1,574 462 0 114 79
Q42026 2 1,302 378 0 1,087 433 0 1,504 425 0 123 63
Q12027 0 945 230 0 809 166 0 1,267 446 0 129 71
Q22027 0 1,032 229 0 686 154 0 1,288 363 0 99 46
Q32027 0 531 158 0 606 84 0 848 335 0 69 31
Q42027 0 553 158 0 543 89 0 896 332 0 70 34
Q12028 0 398 125 0 173 101 0 533 248 0 68 29
Q22028 0 375 125 0 151 101 0 492 244 0 65 29
Q32028 0 183 105 0 85 64 0 325 207 0 41 29
Q42028 0 203 105 0 120 59 0 330 205 0 41 29
Q12029 0 50 7 0 30 0 0 34 1 0 0 0
Q22029 0 54 0 0 30 0 0 37 0 0 0 0
Total 23 14,094 5,854 4 11,338 5,428 0 18,583 5,882 0 1,164 968

Options Open Interest As at COB Fri 19 Sep 2025

  NSW VIC QLD SA
Sep 2025 5,589 3,090 3,185 31
Dec 2025 3,538 1,205 2,007 4
Mar 2026 1,670 1,420 1,675 20
Jun 2026 225 0 0 0
Sep 2026 0 250 0 0
Dec 2026 0 0 0 0
Cal 2026 2,843 2,795 4,679 0
Fin 2027 1,693 2,455 3,541 0
Cal 2027 611 1,065 1,700 0
Fin 2028 375 225 850 0
Cal 2028 100 300 500 0
Fin 2029 0 0 100 0
Total 16,644 12,805 18,237 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
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
Jan 202442,1462,006.95
Dec 202332,5491,713.11
Nov 202382,9883,772.18
Oct 202345,2112,055.05

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