Sign up for weekly Market Wrap emails

Australian Electricity Market Wrap

Mon 17 Nov 2025 - Fri 21 Nov 2025

Calendar Year Price as at Fri 21 Nov 2025

NSW VIC QLD SA
2026 115.22 79.56 100.65 94.12
2027 113.54 76.49 96.20 92.09
2028 113.39 80.21 92.68 94.40
2029 113.33 83.99 92.37 95.09

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $87.35 $3.10 174 2266
VIC Base Q4 2025 $47.10 -$0.90 66 1652
QLD Base Q4 2025 $74.25 $3.15 84 2823
SA Base Q4 2025 $53.00 - - 78
NSW Base Q1 2026 $114.00 $1.50 729 1510
VIC Base Q1 2026 $73.35 -$0.15 778 1664
QLD Base Q1 2026 $120.08 $0.68 835 2491
SA Base Q1 2026 $94.50 - - 140

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $15.80 $3.55 67 1210
VIC Caps Q4 2025 $3.80 -$0.25 35 1015
QLD Caps Q4 2025 $10.60 $2.10 28 915
SA Caps Q4 2025 $12.00 -$0.50 - 104
NSW Caps Q1 2026 $34.42 $0.72 13 1084
VIC Caps Q1 2026 $23.95 -$0.55 63 1280
QLD Caps Q1 2026 $39.25 $0.25 64 912
SA Caps Q1 2026 $37.50 - - 126

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $87.00 30.00% 0
VIC Q4 2025 27.74% 0 $47.00 30.00% 0
QLD Q4 2025 30.00% 0 $74.00 30.00% 0
SA Q4 2025 30.00% 0 $53.00 30.00% 0
NSW FY 2027 13.00% 0 $114.00 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 $92.00 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 21 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 2,266 1,210 0 1,652 1,015 0 2,823 915 0 78 104
Q12026 2 1,510 1,084 0 1,664 1,280 0 2,491 912 0 140 126
Q22026 2 1,564 902 0 1,553 798 0 2,141 602 0 88 88
Q32026 2 1,196 489 0 1,215 657 0 1,761 513 0 127 97
Q42026 2 1,255 444 0 1,088 578 0 1,739 457 0 145 91
Q12027 0 1,024 263 0 892 368 0 1,432 522 0 132 78
Q22027 0 1,220 256 0 823 172 0 1,417 389 0 104 53
Q32027 0 730 175 0 661 92 0 1,021 367 0 70 34
Q42027 0 770 175 0 563 82 0 1,067 364 0 70 34
Q12028 0 516 153 0 209 91 0 733 386 0 70 29
Q22028 0 494 162 0 179 89 0 641 395 0 67 29
Q32028 0 273 109 0 130 66 0 358 300 0 43 29
Q42028 0 329 109 0 163 59 0 361 315 0 43 29
Q12029 0 100 9 0 52 0 0 48 1 0 0 0
Q22029 0 106 2 0 52 0 0 49 0 0 0 0
Q32029 0 18 2 0 0 0 0 0 0 0 0 0
Q42029 0 3 2 0 0 0 0 0 0 0 0 0
Total 14 13,379 5,546 0 10,896 5,347 0 18,103 6,438 0 1,177 821

Options Open Interest As at COB Fri 21 Nov 2025

  NSW VIC QLD SA
Dec 2025 4,537 1,821 2,468 4
Mar 2026 2,725 2,315 3,345 95
Jun 2026 925 800 525 0
Sep 2026 0 350 50 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Fin 2027 1,842 2,480 3,681 0
Cal 2027 884 1,015 1,857 0
Fin 2028 925 625 1,400 0
Cal 2028 818 400 960 0
Fin 2029 0 100 200 0
Cal 2029 0 0 0 0
Total 12,656 10,006 14,486 99

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

Disclaimer - Terms of Use - Privacy Statement