Australian Power Index
The methodology of selecting the component futures contracts for inclusion in both the Australian Power Index (National) and the Australian Power Index (Eastern) have been determined on the basis of contract liquidity and open interest.
The Index prices are calculated by taking the MWh-weighted average price of the component base load futures contract prices, rounded to 2 decimal places. 16 quarterly futures prices will be used to calculate a APIN and 12 quarterly futures prices will be used to calculate an APIE. An APIE and APIN is published by ASX Energy daily, for each consecutive calendar year out to 4 years ahead.
1. Australian Power Index (National)
The Australian Power Index (National) or APIN is calculated as the Australian National average price of ASX Electricity Futures contracts covering a calendar year and will be quoted for all available calendar years listed including the prompt with a cascading expiry. It represents a single national basket of electricity futures listed across the National Electricity Market (NEM) regions of NSW, VIC, SA and QLD.
The APIN is the average base load price of electricity across NSW, VIC, SA and QLD. It includes the 4 consecutive futures quarters which make up a calendar year, in each calendar year listed on the ASX 24 including the prompt. Each calendar year API National therefore represents the average MWh-weighted price of 16 component quarterly futures contracts with a combined minimum energy coverage of 35,040 MWh for each year. The prompt calendar year APIN may incorporate official cash settlement prices of expired quarters and non-expired futures quarters across the year.
2. Australian Power Index (Eastern)
The Australian Power Index (Eastern) or APIE is calculated as the Australian Eastern Seaboard average price of ASX Electricity Futures contracts covering a calendar year and will be quoted for all available calendars listed including the prompt, with a cascading expiry. It represents a single basket of the most liquid electricity futures listed across the National Electricity Market (NEM) Eastern Seaboard regions of NSW, VIC and QLD.
The APIE represents the average base load price of electricity across the 3 most liquid regions of the NEM (NSW, VIC and QLD). It includes the 4 consecutive futures quarters which make up a calendar year, in each calendar year listed on the ASX 24 including the prompt. The APIE therefore represents the average MWh-weighted price of 12 component quarterly futures contracts with a combined minimum energy coverage of 26,280 MWh for each year. The prompt calendar year APIE may incorporate official cash settlement prices of expired quarters and non-expired futures quarters across the year.