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Australian Electricity Market Wrap

Mon 23 Mar 2026 - Fri 27 Mar 2026

Calendar Year Price as at Fri 27 Mar 2026

NSW VIC QLD SA
2027 109.17 78.58 90.06 89.85
2028 106.16 79.68 87.23 92.18
2029 103.60 84.75 83.21 93.50

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q1 2026 $74.49 -$1.01 53 2395
VIC Base Q1 2026 $43.45 -$1.55 2 2062
QLD Base Q1 2026 $66.25 -$1.35 53 3361
SA Base Q1 2026 $90.25 - - 139
NSW Base Q2 2026 $113.88 -$6.62 240 2327
VIC Base Q2 2026 $93.50 -$3.00 263 2167
QLD Base Q2 2026 $84.00 -$2.50 131 2811
SA Base Q2 2026 $112.00 -$3.00 16 121

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q1 2026 $9.00 -$0.50 3 1595
VIC Caps Q1 2026 $1.25 -$0.50 3 1467
QLD Caps Q1 2026 $2.00 -$0.75 17 1029
SA Caps Q1 2026 $39.75 - - 147
NSW Caps Q2 2026 $21.75 -$4.25 59 1205
VIC Caps Q2 2026 $14.50 -$2.25 33 782
QLD Caps Q2 2026 $9.75 -$1.75 28 779
SA Caps Q2 2026 $24.00 - 1 101

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q1 2026 47.70% 0 $74.00 30.00% 0
VIC Q1 2026 27.74% 0 $43.00 30.00% 0
QLD Q1 2026 30.00% 0 $66.00 46.88% 0
SA Q1 2026 30.00% 0 $90.00 46.96% 10
NSW FY 2027 13.00% 0 $113.00 13.00% 0
VIC FY 2027 30.21% 150 $80.00 15.02% 0
QLD FY 2027 13.52% 0 $93.00 13.59% 0
SA FY 2027 30.00% 0 $92.00 30.00% 0
NSW CY 2027 13.00% 0 $109.00 13.00% 0
VIC CY 2027 32.99% 0 $79.00 15.02% 0
QLD CY 2027 24.79% 225 $90.00 16.03% 127
SA CY 2027 30.00% 0 $90.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 27 Mar 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Apr 2026 - 0 - - 0 - - 0 - - 0 -
May 2026 - 0 - - 0 - - 0 - - 0 -
Jun 2026 - 0 - - 0 - - 0 - - 0 -
Q22026 2 2,342 1,207 0 2,192 783 0 2,817 787 0 121 102
Q32026 2 2,070 613 0 1,823 763 0 2,676 727 0 157 136
Q42026 2 1,739 590 0 1,472 678 0 2,310 633 0 179 124
Q12027 0 1,695 482 0 1,149 492 0 2,454 741 0 136 130
Q22027 0 1,755 443 0 1,129 341 0 2,327 662 0 99 84
Q32027 0 1,129 235 0 840 128 0 1,738 537 0 71 36
Q42027 0 1,209 237 0 805 165 0 1,769 414 0 71 38
Q12028 0 767 188 0 407 253 0 1,326 568 0 76 31
Q22028 0 724 179 0 404 135 0 1,348 519 0 67 31
Q32028 0 484 124 0 217 66 0 861 395 0 48 29
Q42028 0 524 120 0 231 59 0 861 383 0 48 29
Q12029 0 295 20 0 164 36 0 307 117 0 1 0
Q22029 0 294 4 0 159 27 0 317 97 0 1 0
Q32029 0 136 3 0 60 25 0 101 85 0 1 0
Q42029 0 148 6 0 84 25 0 98 86 0 1 0
Total 6 15,311 4,451 0 11,136 3,976 0 21,310 6,751 0 1,077 770

Options Open Interest As at COB Fri 27 Mar 2026

  NSW VIC QLD SA
Jun 2026 5,668 4,495 2,872 10
Sep 2026 2,676 1,010 950 0
Dec 2026 0 250 150 0
Mar 2027 0 0 0 0
Jun 2027 0 0 0 0
Fin 2027 2,652 2,555 4,999 0
Cal 2027 2,968 1,710 4,342 0
Fin 2028 1,514 975 2,850 0
Cal 2028 1,416 800 2,640 0
Fin 2029 500 295 800 0
Cal 2029 300 150 350 0
Total 17,694 12,240 19,953 10

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026418,6132,203.23
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
Feb 202658,9832,949.15
Jan 202664,8843,244.20
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

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