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Australian Electricity Market Wrap

Mon 6 Oct 2025 - Fri 10 Oct 2025

Calendar Year Price as at Fri 10 Oct 2025

NSW VIC QLD SA
2026 118.69 80.57 103.95 94.96
2027 115.55 76.32 98.50 93.22
2028 115.24 78.31 93.55 95.00
2029 117.93 83.11 92.40 95.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $111.80 $10.50 242 1806
VIC Base Q4 2025 $52.00 $3.00 72 1607
QLD Base Q4 2025 $94.45 -$1.05 71 2577
SA Base Q4 2025 $58.75 - - 80
NSW Base Q1 2026 $120.35 $2.60 189 1525
VIC Base Q1 2026 $77.40 $2.55 32 1413
QLD Base Q1 2026 $128.30 $1.05 52 2227
SA Base Q1 2026 $96.34 - - 131

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $28.00 $5.00 123 953
VIC Caps Q4 2025 $7.50 -$0.50 73 908
QLD Caps Q4 2025 $18.95 -$1.05 24 673
SA Caps Q4 2025 $15.50 -$2.50 1 104
NSW Caps Q1 2026 $37.50 $1.25 18 1029
VIC Caps Q1 2026 $26.43 $0.63 8 1182
QLD Caps Q1 2026 $43.80 $0.05 19 814
SA Caps Q1 2026 $41.08 - - 124

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $112.00 30.00% 0
VIC Q4 2025 27.74% 0 $52.00 30.00% 25
QLD Q4 2025 30.00% 0 $94.00 30.00% 0
SA Q4 2025 30.00% 0 $59.00 30.00% 0
NSW FY 2027 13.00% 0 $116.00 13.00% 0
VIC FY 2027 32.99% 0 $77.00 15.02% 25
QLD FY 2027 13.52% 0 $101.00 13.59% 0
SA FY 2027 30.00% 0 $93.00 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 10 Oct 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Oct 2025 - 93 - - 0 - - 0 - - 0 -
Nov 2025 - 5 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 21 - - 0 -
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
Mar 2026 - 0 - - 0 - - 0 - - 0 -
Q42025 6 1,806 953 0 1,607 908 0 2,577 673 0 80 104
Q12026 2 1,525 1,029 0 1,413 1,182 0 2,227 814 0 131 124
Q22026 2 1,617 870 0 1,430 783 0 1,847 556 0 78 95
Q32026 2 1,207 494 0 1,018 582 0 1,606 473 0 119 79
Q42026 2 1,282 409 0 1,111 480 0 1,527 425 0 128 63
Q12027 0 1,000 235 0 888 222 0 1,317 459 0 129 76
Q22027 0 1,080 235 0 766 154 0 1,324 368 0 99 46
Q32027 0 604 160 0 655 84 0 890 338 0 69 31
Q42027 0 646 161 0 585 89 0 942 335 0 70 34
Q12028 0 425 128 0 203 101 0 575 276 0 68 29
Q22028 0 404 127 0 182 101 0 545 272 0 65 29
Q32028 0 201 105 0 85 64 0 327 235 0 41 29
Q42028 0 236 105 0 118 59 0 332 233 0 41 29
Q12029 0 52 7 0 30 0 0 34 1 0 0 0
Q22029 0 54 0 0 30 0 0 37 0 0 0 0
Q32029 0 0 0 0 0 0 0 0 0 0 0 0
Q42029 0 0 0 0 0 0 0 0 0 0 0 0
Total 14 12,237 5,018 0 10,121 4,809 0 16,128 5,458 0 1,118 768

Options Open Interest As at COB Fri 10 Oct 2025

  NSW VIC QLD SA
Dec 2025 3,845 1,408 2,055 4
Mar 2026 2,045 1,571 2,175 20
Jun 2026 525 100 175 0
Sep 2026 0 350 50 0
Dec 2026 0 0 0 0
Mar 2027 0 0 0 0
Cal 2026 2,838 2,838 4,628 0
Fin 2027 1,693 2,455 3,546 0
Cal 2027 779 1,015 1,705 0
Fin 2028 550 625 925 0
Cal 2028 100 300 500 0
Fin 2029 0 0 100 0
Total 12,375 10,662 15,859 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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