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Australian Electricity Market Wrap

Mon 22 Sep 2025 - Fri 26 Sep 2025

Calendar Year Price as at Fri 26 Sep 2025

NSW VIC QLD SA
2026 117.33 79.01 104.03 94.75
2027 114.59 75.34 97.92 93.39
2028 115.07 78.95 93.19 95.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q3 2025 $90.75 -$0.45 51 2154
VIC Base Q3 2025 $77.15 - 4 1768
QLD Base Q3 2025 $73.00 -$0.30 - 2925
SA Base Q3 2025 $104.50 -$1.00 - 69
NSW Base Q4 2025 $106.50 -$2.17 121 1782
VIC Base Q4 2025 $53.93 $0.18 103 1556
QLD Base Q4 2025 $96.83 $0.08 37 2549
SA Base Q4 2025 $58.75 -$0.50 3 80

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q3 2025 $2.50 -$0.25 1 1002
VIC Caps Q3 2025 $1.80 -$0.35 3 879
QLD Caps Q3 2025 $1.00 -$0.40 2 660
SA Caps Q3 2025 $25.00 -$1.25 - 196
NSW Caps Q4 2025 $25.75 -$0.50 19 901
VIC Caps Q4 2025 $10.00 $1.25 34 882
QLD Caps Q4 2025 $19.60 -$0.10 1 663
SA Caps Q4 2025 $18.00 - - 114

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q3 2025 47.70% 0 $91.00 30.00% 0
VIC Q3 2025 27.74% 0 $77.00 30.00% 0
QLD Q3 2025 30.00% 0 $73.00 30.00% 0
SA Q3 2025 30.00% 0 $105.00 30.00% 0
NSW FY 2027 20.05% 25 $115.00 20.40% 75
VIC FY 2027 32.99% 0 $76.00 15.02% 0
QLD FY 2027 20.37% 225 $100.00 26.65% 0
SA FY 2027 30.00% 0 $94.00 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 26 Sep 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Oct 2025 - 88 - - 0 - - 0 - - 0 -
Nov 2025 - 5 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 21 - - 0 -
Q42025 6 1,782 901 0 1,556 882 0 2,549 663 0 80 114
Q12026 2 1,509 1,011 0 1,390 1,151 0 2,186 754 0 131 123
Q22026 2 1,654 868 0 1,385 776 0 1,820 556 0 78 95
Q32026 2 1,230 494 0 974 560 0 1,579 462 0 119 79
Q42026 2 1,299 383 0 1,095 435 0 1,504 425 0 128 63
Q12027 0 984 235 0 856 166 0 1,281 459 0 129 71
Q22027 0 1,068 235 0 741 154 0 1,300 366 0 99 46
Q32027 0 570 160 0 632 84 0 861 338 0 69 31
Q42027 0 608 161 0 571 89 0 909 335 0 70 34
Q12028 0 401 128 0 198 101 0 557 259 0 68 29
Q22028 0 378 127 0 176 101 0 516 259 0 65 29
Q32028 0 185 105 0 85 64 0 327 222 0 41 29
Q42028 0 205 105 0 120 59 0 332 220 0 41 29
Q12029 0 50 7 0 30 0 0 34 1 0 0 0
Q22029 0 54 0 0 30 0 0 37 0 0 0 0
Total 14 12,070 4,920 0 9,839 4,622 0 15,813 5,319 0 1,118 772

Options Open Interest As at COB Fri 26 Sep 2025

  NSW VIC QLD SA
Dec 2025 3,588 1,350 2,025 4
Mar 2026 1,670 1,520 1,825 20
Jun 2026 375 0 0 0
Sep 2026 0 250 0 0
Dec 2026 0 0 0 0
Cal 2026 2,838 2,795 4,629 0
Fin 2027 1,693 2,455 3,541 0
Cal 2027 775 1,015 1,700 0
Fin 2028 375 400 850 0
Cal 2028 100 300 500 0
Fin 2029 0 0 100 0
Total 11,414 10,085 15,170 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
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
Oct 202345,2112,055.05

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