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Australian Electricity Market Wrap

Mon 1 Dec 2025 - Fri 5 Dec 2025

Calendar Year Price as at Fri 5 Dec 2025

NSW VIC QLD SA
2026 107.97 75.55 88.41 91.65
2027 107.49 74.94 86.98 90.33
2028 109.10 79.11 86.30 92.04
2029 111.59 83.92 88.23 95.09

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $77.55 -$2.58 161 2404
VIC Base Q4 2025 $42.00 -$2.50 50 1675
QLD Base Q4 2025 $61.75 -$2.29 39 2890
SA Base Q4 2025 $48.50 -$1.50 - 78
NSW Base Q1 2026 $100.77 -$3.98 367 1729
VIC Base Q1 2026 $65.50 -$1.18 125 1750
QLD Base Q1 2026 $97.00 -$6.40 255 2685
SA Base Q1 2026 $90.25 - 9 135

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $11.95 -$1.85 234 1489
VIC Caps Q4 2025 $2.00 -$0.95 67 999
QLD Caps Q4 2025 $3.00 -$1.15 38 961
SA Caps Q4 2025 $7.50 -$2.00 - 104
NSW Caps Q1 2026 $26.00 -$3.25 271 1176
VIC Caps Q1 2026 $18.50 -$0.60 72 1300
QLD Caps Q1 2026 $23.50 -$6.00 72 912
SA Caps Q1 2026 $33.00 - 9 119

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $78.00 30.00% 0
VIC Q4 2025 27.74% 0 $42.00 30.00% 0
QLD Q4 2025 30.00% 0 $62.00 30.00% 0
SA Q4 2025 30.00% 0 $49.00 30.00% 0
NSW FY 2027 13.00% 0 $107.00 13.00% 0
VIC FY 2027 22.28% 130 $75.00 17.34% 445
QLD FY 2027 13.52% 0 $87.00 13.59% 0
SA FY 2027 30.00% 0 $89.00 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 5 Dec 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Dec 2025 - 2 - - 0 - - 21 - - 0 -
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
Mar 2026 - 0 - - 0 - - 0 - - 0 -
Q42025 6 2,404 1,489 0 1,675 999 0 2,890 961 0 78 104
Q12026 2 1,729 1,176 0 1,750 1,300 0 2,685 912 0 135 119
Q22026 2 1,804 1,003 0 1,632 751 0 2,310 641 0 86 86
Q32026 2 1,308 500 0 1,265 664 0 1,943 560 0 121 95
Q42026 2 1,364 462 0 1,133 608 0 1,862 497 0 145 87
Q12027 0 1,104 280 0 923 412 0 1,556 546 0 126 72
Q22027 0 1,227 265 0 840 190 0 1,497 399 0 98 50
Q32027 0 741 182 0 655 92 0 1,047 367 0 68 36
Q42027 0 796 186 0 559 82 0 1,081 366 0 68 36
Q12028 0 538 155 0 217 91 0 777 389 0 69 31
Q22028 0 503 164 0 195 89 0 678 397 0 64 31
Q32028 0 283 109 0 146 66 0 371 300 0 43 29
Q42028 0 345 109 0 181 59 0 375 315 0 43 29
Q12029 0 104 9 0 54 0 0 47 1 0 0 0
Q22029 0 113 2 0 54 0 0 53 0 0 0 0
Q32029 0 19 2 0 0 0 0 0 0 0 0 0
Q42029 0 5 2 0 0 0 0 0 0 0 0 0
Total 14 14,389 6,095 0 11,279 5,403 0 19,193 6,651 0 1,144 805

Options Open Interest As at COB Fri 5 Dec 2025

  NSW VIC QLD SA
Dec 2025 4,782 1,766 2,503 4
Mar 2026 3,176 2,415 4,324 114
Jun 2026 1,541 850 700 0
Sep 2026 80 350 150 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Fin 2027 1,847 2,480 3,844 0
Cal 2027 936 1,015 2,049 0
Fin 2028 925 625 1,450 0
Cal 2028 858 450 1,035 0
Fin 2029 0 100 200 0
Cal 2029 0 0 0 0
Total 14,145 10,151 16,255 118

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
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
Jan 202442,1462,006.95

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