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Australian Electricity Market Wrap

Mon 27 Apr 2026 - Fri 1 May 2026

Calendar Year Price as at Fri 1 May 2026

NSW VIC QLD SA
2027 99.90 75.32 84.76 87.00
2028 97.35 77.94 81.36 91.02
2029 98.35 82.31 80.02 91.74

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q2 2026 $96.14 $0.62 289 2599
VIC Base Q2 2026 $75.00 -$0.75 212 2498
QLD Base Q2 2026 $73.75 -$0.28 72 3044
SA Base Q2 2026 $102.00 -$0.50 13 141
NSW Base Q3 2026 $101.95 $0.62 272 2314
VIC Base Q3 2026 $85.50 $0.75 122 2037
QLD Base Q3 2026 $81.50 $0.58 116 2919
SA Base Q3 2026 $101.00 -$1.25 4 162

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q2 2026 $16.68 $0.51 53 1292
VIC Caps Q2 2026 $9.75 $0.74 59 852
QLD Caps Q2 2026 $6.70 - 11 879
SA Caps Q2 2026 $17.50 - 5 97
NSW Caps Q3 2026 $16.20 -$0.35 26 631
VIC Caps Q3 2026 $11.75 - 14 731
QLD Caps Q3 2026 $9.75 $0.05 29 746
SA Caps Q3 2026 $20.00 -$1.00 2 132

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q2 2026 47.70% 0 $96.00 30.00% 0
VIC Q2 2026 27.74% 0 $75.00 58.72% 475
QLD Q2 2026 30.00% 0 $74.00 30.00% 0
SA Q2 2026 30.00% 0 $102.00 30.00% 0
NSW FY 2027 13.00% 0 $101.00 13.00% 0
VIC FY 2027 27.44% 180 $75.00 18.85% 185
QLD FY 2027 18.34% 75 $85.00 18.34% 340
SA FY 2027 30.00% 0 $87.00 30.00% 0
NSW CY 2027 15.87% 5 $100.00 21.20% 125
VIC CY 2027 20.00% 30 $75.00 21.96% 125
QLD CY 2027 23.27% 75 $85.00 24.05% 160
SA CY 2027 30.00% 0 $87.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 1 May 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
May 2026 - 0 - - 0 - - 0 - - 0 -
Jun 2026 - 2 - - 0 - - 0 - - 0 -
Jul 2026 - 2 - - 0 - - 0 - - 0 -
Aug 2026 - 0 - - 0 - - 0 - - 0 -
Sep 2026 - 0 - - 0 - - 0 - - 0 -
Q22026 2 2,595 1,285 0 2,510 847 0 3,050 883 0 141 97
Q32026 2 2,307 636 0 2,043 731 0 2,916 746 0 162 130
Q42026 2 1,888 602 0 1,569 802 0 2,641 655 0 184 124
Q12027 0 1,861 488 0 1,171 498 0 2,631 785 0 136 136
Q22027 0 1,883 459 0 1,205 303 0 2,486 672 0 100 88
Q32027 0 1,256 243 0 817 212 0 1,840 558 0 71 38
Q42027 0 1,330 244 0 804 273 0 1,858 434 0 71 40
Q12028 0 894 195 0 418 347 0 1,455 587 0 77 35
Q22028 0 845 190 0 403 233 0 1,468 549 0 67 35
Q32028 0 506 126 0 234 148 0 934 415 0 49 31
Q42028 0 555 122 0 245 143 0 927 403 0 49 31
Q12029 0 300 20 0 172 108 0 340 125 0 5 0
Q22029 0 297 4 0 169 93 0 350 104 0 5 0
Q32029 0 136 5 0 63 91 0 103 92 0 1 0
Q42029 0 148 8 0 92 91 0 100 93 0 1 0
Q12030 0 0 0 0 0 5 0 0 5 0 0 0
Q22030 0 0 0 0 0 5 0 0 5 0 0 0
Total 6 16,805 4,627 0 11,915 4,930 0 23,099 7,111 0 1,119 785

Options Open Interest As at COB Fri 1 May 2026

  NSW VIC QLD SA
Jun 2026 6,894 5,358 3,722 10
Sep 2026 3,401 1,570 1,355 0
Dec 2026 352 650 950 0
Mar 2027 0 0 0 0
Jun 2027 0 0 0 0
Sep 2027 0 0 0 0
Fin 2027 2,814 2,455 4,949 0
Cal 2027 3,423 1,885 4,545 0
Fin 2028 1,840 975 3,050 0
Cal 2028 1,754 800 2,890 0
Fin 2029 595 295 955 0
Cal 2029 325 150 350 0
Total 21,398 14,138 22,766 10

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026477,4152,241.38
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
Apr 202649,5192,475.95
Mar 202675,9713,453.23
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

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