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Australian Electricity Market Wrap

Mon 25 May 2026 - Fri 29 May 2026

Calendar Year Price as at Fri 29 May 2026

NSW VIC QLD SA
2027 94.34 71.48 79.15 83.23
2028 93.79 78.40 79.25 88.54
2029 96.18 83.57 79.01 89.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q2 2026 $92.13 -$2.87 363 2720
VIC Base Q2 2026 $68.40 -$2.85 213 2685
QLD Base Q2 2026 $75.45 $1.01 186 3087
SA Base Q2 2026 $89.00 - - 141
NSW Base Q3 2026 $93.57 -$0.93 310 2582
VIC Base Q3 2026 $74.25 -$1.50 185 2295
QLD Base Q3 2026 $76.00 - 58 2982
SA Base Q3 2026 $94.50 - 3 173

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q2 2026 $10.00 -$3.75 227 1353
VIC Caps Q2 2026 $6.00 -$1.00 54 846
QLD Caps Q2 2026 $3.75 -$0.95 112 951
SA Caps Q2 2026 $13.00 - 1 97
NSW Caps Q3 2026 $11.50 -$2.50 59 689
VIC Caps Q3 2026 $9.00 - 7 739
QLD Caps Q3 2026 $5.90 -$0.85 20 772
SA Caps Q3 2026 $18.00 -$0.34 - 134

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q2 2026 47.70% 0 $92.00 30.00% 0
VIC Q2 2026 27.74% 0 $68.00 48.92% 0
QLD Q2 2026 64.37% 25 $75.00 49.32% 502
SA Q2 2026 30.00% 0 $89.00 30.00% 0
NSW FY 2027 0.00% $0.00 0.00%
VIC FY 2027 0.00% $0.00 0.00%
QLD FY 2027 0.00% $0.00 0.00%
SA FY 2027 0.00% $0.00 0.00%
NSW CY 2027 13.00% 0 $94.00 13.00% 0
VIC CY 2027 29.75% 10 $71.00 15.02% 0
QLD CY 2027 13.52% 0 $79.00 13.59% 0
SA CY 2027 30.00% 0 $83.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 29 May 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Jun 2026 - 2 - - 30 - - 0 - - 0 -
Jul 2026 - 2 - - 5 - - 0 - - 0 -
Aug 2026 - 0 - - 0 - - 0 - - 0 -
Sep 2026 - 0 - - 0 - - 0 - - 0 -
Q22026 2 2,732 1,365 0 2,701 845 0 3,112 955 0 141 98
Q32026 2 2,588 690 0 2,310 739 0 3,010 781 0 173 134
Q42026 2 1,889 607 0 1,819 832 0 2,776 687 0 190 124
Q12027 0 2,109 498 0 1,559 614 0 2,790 909 0 142 136
Q22027 0 2,047 481 0 1,414 319 0 2,568 691 0 119 88
Q32027 0 1,444 263 0 798 213 0 1,856 599 0 96 38
Q42027 0 1,525 256 0 830 275 0 1,866 475 0 96 40
Q12028 0 1,017 204 0 464 381 0 1,550 629 0 158 35
Q22028 0 969 197 0 386 227 0 1,552 591 0 142 35
Q32028 0 569 126 0 285 150 0 945 421 0 118 31
Q42028 0 616 122 0 292 143 0 936 408 0 116 31
Q12029 0 325 21 0 230 111 0 341 130 0 90 0
Q22029 0 321 3 0 226 96 0 349 105 0 88 0
Q32029 0 149 5 0 84 94 0 119 93 0 79 0
Q42029 0 164 8 0 116 93 0 117 94 0 77 0
Q12030 0 4 0 0 0 5 0 0 5 0 0 0
Q22030 0 4 0 0 0 5 0 0 5 0 0 0
Total 6 18,476 4,846 0 13,549 5,142 0 23,887 7,578 0 1,825 790

Options Open Interest As at COB Fri 29 May 2026

  NSW VIC QLD SA
Jun 2026 7,490 6,563 4,082 10
Sep 2026 4,472 3,020 2,085 10
Dec 2026 1,752 1,025 1,775 0
Mar 2027 2,220 1,245 1,550 0
Jun 2027 0 0 0 0
Sep 2027 0 0 0 0
Cal 2027 3,749 1,910 4,682 0
Fin 2028 1,965 1,025 3,401 0
Cal 2028 1,904 800 3,040 0
Fin 2029 595 445 1,005 0
Cal 2029 375 150 450 0
Fin 2030 0 0 0 0
Total 24,522 16,183 22,070 20

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026553,1562,374.06
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
May 202649,5192,475.95
Mar 202675,9713,453.23
Mar 202658,9832,949.15
Jan 202664,8843,244.20
Dec 202539,2241,867.81
Dec 202540,0512,002.55
Oct 202542,3261,840.26
Oct 202536,7501,670.45
Aug 202533,4731,593.95
Jul 202536,2341,575.39
Jul 202557,8782,756.10
May 202564,5232,932.86
May 202525,4421,339.05
Mar 202531,0291,477.57
Mar 202541,5122,075.60
Jan 202526,0561,240.76
Dec 202422,3251,116.25
Dec 202443,4092,067.10
Oct 202425,4151,105.00
Oct 202422,6701,079.52
Aug 202430,1801,371.82
Jul 202431,9441,388.87
Jul 202428,0931,478.58

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