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Australian Electricity Market Wrap

Mon 9 Feb 2026 - Fri 13 Feb 2026

Calendar Year Price as at Fri 13 Feb 2026

NSW VIC QLD SA
2027 96.64 73.11 81.60 84.55
2028 94.77 76.14 79.49 89.27
2029 95.89 80.05 80.02 93.52

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q1 2026 $80.00 -$2.50 169 2275
VIC Base Q1 2026 $46.40 $0.80 89 2010
QLD Base Q1 2026 $73.50 -$3.75 207 3242
SA Base Q1 2026 $90.25 $0.25 - 138
NSW Base Q2 2026 $110.13 -$1.87 156 2103
VIC Base Q2 2026 $92.50 $0.02 65 2080
QLD Base Q2 2026 $82.05 -$0.77 93 2549
SA Base Q2 2026 $105.75 $0.75 6 102

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q1 2026 $16.00 -$3.50 144 1459
VIC Caps Q1 2026 $6.00 -$0.50 49 1433
QLD Caps Q1 2026 $7.00 -$3.93 129 976
SA Caps Q1 2026 $51.00 -$1.00 - 147
NSW Caps Q2 2026 $23.25 -$0.75 33 1137
VIC Caps Q2 2026 $15.40 $0.40 25 779
QLD Caps Q2 2026 $10.85 -$0.35 11 706
SA Caps Q2 2026 $22.00 - - 86

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q1 2026 47.70% 25 $80.00 63.18% 250
VIC Q1 2026 27.74% 0 $46.00 30.00% 0
QLD Q1 2026 30.00% 0 $74.00 46.88% 0
SA Q1 2026 30.00% 0 $90.00 46.96% 10
NSW FY 2027 13.00% 0 $98.00 13.00% 0
VIC FY 2027 32.99% 0 $73.00 15.02% 0
QLD FY 2027 13.52% 0 $82.00 13.59% 0
SA FY 2027 30.00% 0 $84.00 30.00% 0
NSW CY 2027 13.00% 0 $97.00 13.00% 0
VIC CY 2027 32.99% 0 $73.00 16.87% 50
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 13 Feb 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Feb 2026 - 0 - - 0 - - 0 - - 0 -
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 2,275 1,459 0 2,010 1,433 0 3,242 976 0 138 147
Q22026 2 2,103 1,137 0 2,080 779 0 2,549 706 0 102 86
Q32026 2 1,769 616 0 1,521 664 0 2,264 689 0 132 103
Q42026 2 1,587 575 0 1,274 656 0 2,059 579 0 166 94
Q12027 0 1,370 409 0 1,114 466 0 2,093 715 0 137 95
Q22027 0 1,363 376 0 1,073 258 0 1,925 459 0 98 55
Q32027 0 845 232 0 715 99 0 1,445 408 0 71 36
Q42027 0 878 233 0 591 155 0 1,412 404 0 71 38
Q12028 0 676 184 0 384 253 0 952 499 0 76 31
Q22028 0 625 178 0 300 130 0 872 492 0 67 31
Q32028 0 445 124 0 173 66 0 585 367 0 46 29
Q42028 0 481 121 0 198 59 0 579 371 0 46 29
Q12029 0 224 19 0 126 18 0 243 85 0 0 0
Q22029 0 238 4 0 129 2 0 255 64 0 0 0
Q32029 0 94 3 0 41 0 0 70 53 0 0 0
Q42029 0 106 3 0 53 0 0 67 54 0 0 0
Total 8 15,079 5,673 0 11,802 5,038 0 20,612 6,921 0 1,150 774

Options Open Interest As at COB Fri 13 Feb 2026

  NSW VIC QLD SA
Mar 2026 5,315 3,390 7,221 114
Jun 2026 4,067 3,145 1,550 0
Sep 2026 1,625 550 475 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Jun 2027 0 0 0 0
Fin 2027 2,100 2,505 4,814 0
Cal 2027 1,462 1,410 3,110 0
Fin 2028 1,206 800 2,375 0
Cal 2028 1,222 675 1,865 0
Fin 2029 300 295 775 0
Cal 2029 150 150 350 0
Total 17,447 13,020 22,535 114

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026319,8041,998.78
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
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
Mar 202429,7181,485.90

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