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Australian Electricity Market Wrap

Mon 2 Mar 2026 - Fri 6 Mar 2026

Calendar Year Price as at Fri 6 Mar 2026

NSW VIC QLD SA
2027 101.72 74.56 82.09 84.50
2028 97.80 77.13 79.27 88.75
2029 97.17 82.10 79.75 92.50

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q1 2026 $77.00 $3.74 108 2367
VIC Base Q1 2026 $44.00 $0.35 62 2055
QLD Base Q1 2026 $68.37 $1.22 107 3320
SA Base Q1 2026 $90.75 - - 139
NSW Base Q2 2026 $121.60 $11.05 568 2199
VIC Base Q2 2026 $97.60 $6.60 405 2058
QLD Base Q2 2026 $85.78 $4.58 301 2660
SA Base Q2 2026 $110.00 $6.00 - 108

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q1 2026 $12.80 $1.05 46 1512
VIC Caps Q1 2026 $2.75 -$0.15 24 1454
QLD Caps Q1 2026 $3.85 -$0.50 95 1032
SA Caps Q1 2026 $44.50 -$0.50 - 147
NSW Caps Q2 2026 $26.00 $2.00 109 1191
VIC Caps Q2 2026 $16.00 $0.90 100 814
QLD Caps Q2 2026 $10.75 $1.25 72 768
SA Caps Q2 2026 $24.00 $2.00 - 92

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q1 2026 47.70% 0 $77.00 30.00% 0
VIC Q1 2026 27.74% 0 $44.00 30.00% 0
QLD Q1 2026 30.00% 0 $68.00 46.88% 0
SA Q1 2026 30.00% 0 $91.00 30.00% 0
NSW FY 2027 31.89% 100 $105.00 26.63% 210
VIC FY 2027 22.28% 180 $75.00 28.56% 395
QLD FY 2027 13.52% 0 $84.00 13.59% 0
SA FY 2027 30.00% 0 $86.00 30.00% 0
NSW CY 2027 13.00% 0 $102.00 13.00% 0
VIC CY 2027 20.00% 30 $75.00 25.31% 25
QLD CY 2027 13.52% 0 $82.00 13.59% 0
SA CY 2027 30.00% 0 $85.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 6 Mar 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Mar 2026 - 0 - - 20 - - 0 - - 0 -
Apr 2026 - 0 - - 0 - - 0 - - 0 -
May 2026 - 0 - - 0 - - 0 - - 0 -
Jun 2026 - 0 - - 0 - - 0 - - 0 -
Q12026 2 2,367 1,512 0 2,055 1,454 0 3,320 1,032 0 139 147
Q22026 2 2,199 1,191 0 2,058 814 0 2,660 768 0 108 92
Q32026 2 1,753 631 0 1,598 693 0 2,445 706 0 133 133
Q42026 2 1,605 589 0 1,358 727 0 2,214 612 0 176 122
Q12027 0 1,445 468 0 1,089 530 0 2,311 766 0 137 124
Q22027 0 1,505 423 0 1,038 273 0 2,184 560 0 98 82
Q32027 0 987 233 0 749 100 0 1,597 452 0 71 36
Q42027 0 1,042 235 0 695 154 0 1,604 425 0 71 38
Q12028 0 749 187 0 398 252 0 1,127 529 0 76 31
Q22028 0 699 178 0 331 131 0 1,152 507 0 67 31
Q32028 0 475 124 0 195 66 0 740 383 0 46 29
Q42028 0 513 121 0 230 59 0 741 371 0 46 29
Q12029 0 278 19 0 158 36 0 284 117 0 0 0
Q22029 0 281 4 0 152 27 0 294 97 0 0 0
Q32029 0 119 3 0 58 25 0 95 85 0 0 0
Q42029 0 132 3 0 82 25 0 92 86 0 0 0
Total 8 16,149 5,921 0 12,264 5,366 0 22,860 7,496 0 1,168 894

Options Open Interest As at COB Fri 6 Mar 2026

  NSW VIC QLD SA
Mar 2026 5,806 3,525 7,271 114
Jun 2026 5,227 3,940 2,210 10
Sep 2026 2,255 860 625 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Jun 2027 0 0 0 0
Fin 2027 2,325 2,555 5,007 0
Cal 2027 2,190 1,535 3,835 0
Fin 2028 1,511 975 2,800 0
Cal 2028 1,376 800 2,565 0
Fin 2029 500 295 800 0
Cal 2029 300 150 350 0
Total 21,490 14,735 25,463 124

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026373,5192,134.39
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
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
May 202480,7083,509.04
Apr 202431,0351,551.75

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