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Australian Electricity Market Wrap

Mon 3 Nov 2025 - Fri 7 Nov 2025

Calendar Year Price as at Fri 7 Nov 2025

NSW VIC QLD SA
2026 117.01 80.10 101.06 95.20
2027 115.45 75.82 96.48 93.18
2028 114.32 78.47 93.00 95.00
2029 113.63 82.75 92.25 95.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $91.90 -$4.85 216 1986
VIC Base Q4 2025 $53.49 -$0.33 125 1621
QLD Base Q4 2025 $73.50 -$4.50 144 2727
SA Base Q4 2025 $60.25 - - 78
NSW Base Q1 2026 $115.39 $0.74 182 1446
VIC Base Q1 2026 $75.75 $0.27 95 1543
QLD Base Q1 2026 $122.00 $0.02 124 2357
SA Base Q1 2026 $96.17 - - 131

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $14.45 -$3.40 95 1103
VIC Caps Q4 2025 $5.60 $0.05 35 979
QLD Caps Q4 2025 $8.76 -$1.74 56 861
SA Caps Q4 2025 $13.50 -$2.00 - 104
NSW Caps Q1 2026 $35.95 $0.45 21 1069
VIC Caps Q1 2026 $25.18 $0.33 83 1283
QLD Caps Q1 2026 $41.00 $0.25 42 868
SA Caps Q1 2026 $39.86 - - 124

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $92.00 30.00% 0
VIC Q4 2025 27.74% 0 $53.00 30.00% 0
QLD Q4 2025 30.00% 0 $74.00 30.00% 0
SA Q4 2025 30.00% 0 $60.00 30.00% 0
NSW FY 2027 13.00% 0 $116.00 13.00% 0
VIC FY 2027 32.99% 0 $77.00 15.02% 25
QLD FY 2027 13.52% 0 $99.00 13.59% 0
SA FY 2027 30.00% 0 $93.00 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 7 Nov 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Nov 2025 - 3 - - 0 - - 0 - - 0 -
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 1,986 1,103 0 1,621 979 0 2,727 861 0 78 104
Q12026 2 1,446 1,069 0 1,543 1,283 0 2,357 868 0 131 124
Q22026 2 1,515 894 0 1,593 786 0 1,986 580 0 78 86
Q32026 2 1,186 494 0 1,174 641 0 1,726 510 0 120 81
Q42026 2 1,257 447 0 1,084 574 0 1,639 457 0 138 77
Q12027 0 945 247 0 874 351 0 1,356 457 0 131 78
Q22027 0 1,132 248 0 798 173 0 1,362 358 0 100 46
Q32027 0 702 172 0 666 84 0 972 333 0 69 31
Q42027 0 724 173 0 575 79 0 1,019 320 0 70 34
Q12028 0 515 140 0 210 91 0 653 323 0 68 29
Q22028 0 488 146 0 189 89 0 581 323 0 65 29
Q32028 0 240 105 0 108 64 0 317 250 0 41 29
Q42028 0 301 105 0 141 59 0 320 248 0 41 29
Q12029 0 87 7 0 36 0 0 48 1 0 0 0
Q22029 0 91 0 0 36 0 0 49 0 0 0 0
Q32029 0 16 0 0 0 0 0 0 0 0 0 0
Q42029 0 1 0 0 0 0 0 0 0 0 0 0
Total 14 12,637 5,350 0 10,648 5,253 0 17,133 5,889 0 1,130 777

Options Open Interest As at COB Fri 7 Nov 2025

  NSW VIC QLD SA
Dec 2025 4,542 1,781 2,353 4
Mar 2026 2,530 2,215 2,820 20
Jun 2026 850 750 275 0
Sep 2026 0 350 50 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Cal 2026 2,748 2,753 4,493 0
Fin 2027 1,792 2,480 3,671 0
Cal 2027 859 1,015 1,732 0
Fin 2028 700 625 1,175 0
Cal 2028 748 400 735 0
Fin 2029 0 0 200 0
Total 14,769 12,469 17,504 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
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
Dec 202332,5491,713.11

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