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Australian Electricity Market Wrap

Mon 24 Nov 2025 - Fri 28 Nov 2025

Calendar Year Price as at Fri 28 Nov 2025

NSW VIC QLD SA
2026 110.88 76.83 92.93 92.18
2027 110.59 75.47 91.46 90.94
2028 112.22 79.59 90.89 92.04
2029 112.51 84.11 91.72 95.09

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $80.50 -$6.50 303 2358
VIC Base Q4 2025 $44.25 -$2.75 30 1666
QLD Base Q4 2025 $65.50 -$9.13 146 2883
SA Base Q4 2025 $50.00 -$3.00 - 78
NSW Base Q1 2026 $105.95 -$7.05 127 1570
VIC Base Q1 2026 $68.50 -$4.55 105 1687
QLD Base Q1 2026 $106.75 -$12.25 248 2565
SA Base Q1 2026 $92.00 -$2.50 2 140

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $13.55 -$2.48 401 1363
VIC Caps Q4 2025 $2.85 -$1.00 104 1032
QLD Caps Q4 2025 $4.15 -$7.35 152 940
SA Caps Q4 2025 $9.50 -$2.50 - 104
NSW Caps Q1 2026 $29.75 -$5.25 109 1109
VIC Caps Q1 2026 $19.10 -$4.60 68 1280
QLD Caps Q1 2026 $30.00 -$8.75 83 923
SA Caps Q1 2026 $33.00 -$4.50 2 128

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $81.00 30.00% 0
VIC Q4 2025 27.74% 0 $44.00 30.00% 0
QLD Q4 2025 30.00% 0 $66.00 30.00% 0
SA Q4 2025 30.00% 0 $50.00 30.00% 0
NSW FY 2027 13.00% 0 $111.00 13.00% 0
VIC FY 2027 32.99% 0 $76.00 15.02% 0
QLD FY 2027 13.52% 0 $92.00 13.59% 0
SA FY 2027 30.00% 0 $90.00 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 28 Nov 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 2,358 1,363 0 1,666 1,032 0 2,883 940 0 78 104
Q12026 2 1,570 1,109 0 1,687 1,280 0 2,565 923 0 140 128
Q22026 2 1,683 945 0 1,587 761 0 2,197 613 0 88 88
Q32026 2 1,253 493 0 1,243 660 0 1,843 546 0 129 101
Q42026 2 1,309 455 0 1,100 576 0 1,802 495 0 145 95
Q12027 0 1,062 273 0 889 395 0 1,479 535 0 133 78
Q22027 0 1,239 264 0 829 178 0 1,474 396 0 103 53
Q32027 0 732 177 0 661 92 0 1,036 368 0 71 36
Q42027 0 775 177 0 561 82 0 1,076 367 0 71 36
Q12028 0 519 155 0 217 91 0 757 389 0 72 31
Q22028 0 495 164 0 195 89 0 657 397 0 67 31
Q32028 0 275 109 0 139 66 0 366 300 0 43 29
Q42028 0 336 109 0 174 59 0 369 315 0 43 29
Q12029 0 103 9 0 54 0 0 48 1 0 0 0
Q22029 0 110 2 0 54 0 0 49 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 13,845 5,808 0 11,056 5,361 0 18,622 6,585 0 1,183 839

Options Open Interest As at COB Fri 28 Nov 2025

  NSW VIC QLD SA
Dec 2025 4,562 1,776 2,478 4
Mar 2026 2,725 2,340 3,845 95
Jun 2026 1,141 800 575 0
Sep 2026 0 350 150 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Fin 2027 1,842 2,480 3,794 0
Cal 2027 884 1,015 1,870 0
Fin 2028 925 625 1,400 0
Cal 2028 818 425 1,035 0
Fin 2029 0 100 200 0
Cal 2029 0 0 0 0
Total 12,897 10,011 15,347 99

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
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
Mar 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
Mar 202448,0122,286.29
Jan 202442,1462,006.95
Dec 202332,5491,713.11

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