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Australian Electricity Market Wrap

Mon 27 Oct 2025 - Fri 31 Oct 2025

Calendar Year Price as at Fri 31 Oct 2025

NSW VIC QLD SA
2026 117.21 80.62 102.24 95.52
2027 114.85 76.25 96.97 93.22
2028 114.25 78.78 93.56 95.00
2029 113.93 82.75 92.25 95.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $100.23 -$4.27 200 1928
VIC Base Q4 2025 $55.45 -$0.60 117 1640
QLD Base Q4 2025 $82.20 -$7.70 125 2653
SA Base Q4 2025 $60.25 - - 78
NSW Base Q1 2026 $116.33 -$1.92 220 1432
VIC Base Q1 2026 $76.25 -$1.44 115 1537
QLD Base Q1 2026 $124.50 -$4.60 206 2347
SA Base Q1 2026 $96.34 - - 131

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $19.71 -$3.79 80 1084
VIC Caps Q4 2025 $6.35 -$1.00 79 963
QLD Caps Q4 2025 $12.80 -$4.70 138 851
SA Caps Q4 2025 $15.50 - - 104
NSW Caps Q1 2026 $36.28 -$0.47 20 1060
VIC Caps Q1 2026 $25.15 -$0.65 11 1264
QLD Caps Q1 2026 $41.75 -$2.30 96 838
SA Caps Q1 2026 $39.89 - - 124

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $100.00 51.40% 330
VIC Q4 2025 64.84% 120 $55.00 55.33% 50
QLD Q4 2025 30.00% 0 $82.00 30.00% 0
SA Q4 2025 30.00% 0 $60.00 30.00% 0
NSW FY 2027 13.00% 0 $116.00 13.00% 0
VIC FY 2027 32.99% 0 $78.00 15.02% 0
QLD FY 2027 13.52% 0 $99.00 13.59% 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 31 Oct 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Nov 2025 - 3 - - 0 - - 0 - - 0 -
Dec 2025 - 2 - - 0 - - 21 - - 0 -
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
Mar 2026 - 0 - - 0 - - 0 - - 0 -
Q42025 6 1,928 1,084 0 1,640 963 0 2,653 851 0 78 104
Q12026 2 1,432 1,060 0 1,537 1,264 0 2,347 838 0 131 124
Q22026 2 1,530 883 0 1,569 831 0 1,972 569 0 78 86
Q32026 2 1,175 496 0 1,127 641 0 1,705 498 0 119 79
Q42026 2 1,249 447 0 1,052 568 0 1,621 445 0 135 77
Q12027 0 991 247 0 840 348 0 1,337 455 0 129 78
Q22027 0 1,126 248 0 755 173 0 1,332 351 0 99 46
Q32027 0 700 172 0 664 84 0 945 333 0 69 31
Q42027 0 720 173 0 574 79 0 992 320 0 70 34
Q12028 0 511 140 0 207 91 0 620 313 0 68 29
Q22028 0 486 146 0 188 89 0 581 313 0 65 29
Q32028 0 238 105 0 108 64 0 330 240 0 41 29
Q42028 0 287 105 0 141 59 0 335 238 0 41 29
Q12029 0 82 7 0 36 0 0 48 1 0 0 0
Q22029 0 87 0 0 36 0 0 49 0 0 0 0
Q32029 0 16 0 0 0 0 0 0 0 0 0 0
Q42029 0 1 0 0 0 0 0 0 0 0 0 0
Total 14 12,564 5,313 0 10,474 5,254 0 16,888 5,765 0 1,123 775

Options Open Interest As at COB Fri 31 Oct 2025

  NSW VIC QLD SA
Dec 2025 4,307 1,734 2,263 4
Mar 2026 2,380 2,016 2,725 20
Jun 2026 675 700 275 0
Sep 2026 0 350 50 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Cal 2026 2,748 2,728 4,618 0
Fin 2027 1,792 2,480 3,671 0
Cal 2027 859 1,015 1,682 0
Fin 2028 700 625 1,175 0
Cal 2028 700 400 660 0
Fin 2029 0 0 200 0
Total 14,161 12,148 17,319 24

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
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
Jan 202442,1462,006.95
Dec 202332,5491,713.11
Nov 202382,9883,772.18

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