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Australian Electricity Market Wrap

Mon 29 Dec 2025 - Fri 2 Jan 2026

Calendar Year Price as at Fri 2 Jan 2026

NSW VIC QLD SA
2027 103.06 74.38 85.23 88.22
2028 102.67 77.49 84.51 91.11
2029 102.99 83.13 84.63 93.53

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q1 2026 $98.15 $2.65 276 1836
VIC Base Q1 2026 $61.80 -$0.35 139 1760
QLD Base Q1 2026 $85.75 -$3.13 41 2806
SA Base Q1 2026 $80.75 -$0.25 4 138
NSW Base Q2 2026 $120.60 $0.80 76 1838
VIC Base Q2 2026 $99.50 $0.75 78 1708
QLD Base Q2 2026 $88.50 -$0.75 53 2362
SA Base Q2 2026 $112.75 - - 92

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q1 2026 $25.88 $2.88 104 1241
VIC Caps Q1 2026 $18.00 $1.25 53 1339
QLD Caps Q1 2026 $16.10 -$2.40 14 842
SA Caps Q1 2026 $28.00 $0.25 4 138
NSW Caps Q2 2026 $24.40 $1.40 27 1065
VIC Caps Q2 2026 $16.00 $0.50 2 736
QLD Caps Q2 2026 $12.00 -$0.50 37 655
SA Caps Q2 2026 $22.00 - - 86

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q1 2026 47.70% 0 $98.00 30.00% 0
VIC Q1 2026 27.74% 0 $62.00 30.00% 0
QLD Q1 2026 30.00% 0 $86.00 30.00% 0
SA Q1 2026 30.00% 0 $81.00 30.00% 0
NSW FY 2027 13.00% 0 $104.00 13.00% 0
VIC FY 2027 22.28% 130 $75.00 17.34% 445
QLD FY 2027 13.52% 0 $85.00 18.64% 340
SA FY 2027 30.00% 0 $88.00 30.00% 0
NSW CY 2027 13.00% 0 $103.00 13.00% 0
VIC CY 2027 32.99% 0 $74.00 15.02% 0
QLD CY 2027 13.52% 0 $85.00 17.75% 160
SA CY 2027 30.00% 0 $88.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 2 Jan 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
Mar 2026 - 0 - - 20 - - 0 - - 0 -
Apr 2026 - 0 - - 0 - - 0 - - 0 -
May 2026 - 0 - - 0 - - 0 - - 0 -
Jun 2026 - 0 - - 0 - - 0 - - 0 -
Q12026 2 1,836 1,241 0 1,760 1,339 0 2,806 842 0 138 138
Q22026 2 1,838 1,065 0 1,708 736 0 2,362 655 0 92 86
Q32026 2 1,474 583 0 1,322 667 0 1,997 549 0 122 95
Q42026 2 1,424 553 0 1,152 620 0 1,895 510 0 147 87
Q12027 0 1,109 291 0 917 433 0 1,704 583 0 126 71
Q22027 0 1,223 293 0 844 203 0 1,571 393 0 98 50
Q32027 0 798 183 0 630 92 0 1,153 390 0 69 36
Q42027 0 801 187 0 548 82 0 1,150 391 0 69 36
Q12028 0 613 161 0 256 91 0 816 428 0 69 31
Q22028 0 570 170 0 207 89 0 716 430 0 64 31
Q32028 0 366 114 0 152 66 0 390 311 0 43 29
Q42028 0 427 114 0 187 59 0 392 325 0 43 29
Q12029 0 127 10 0 65 0 0 57 68 0 0 0
Q22029 0 137 2 0 65 0 0 66 61 0 0 0
Q32029 0 23 2 0 0 0 0 6 51 0 0 0
Q42029 0 6 2 0 0 0 0 5 51 0 0 0
Total 8 12,772 4,971 0 9,833 4,477 0 17,086 6,038 0 1,080 719

Options Open Interest As at COB Fri 2 Jan 2026

  NSW VIC QLD SA
Mar 2026 3,598 2,880 4,674 114
Jun 2026 2,090 1,050 700 0
Sep 2026 555 400 150 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Jun 2027 0 0 0 0
Fin 2027 1,898 2,480 4,299 0
Cal 2027 986 1,015 2,330 0
Fin 2028 925 625 1,700 0
Cal 2028 1,009 450 1,280 0
Fin 2029 0 100 200 0
Cal 2029 0 0 0 0
Total 11,061 9,100 15,333 114

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026229,3811,751.00
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
Dec 202539,2241,867.81
Nov 202540,0512,002.55
Oct 202542,3261,840.26
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

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