Sign up for weekly Market Wrap emails

Australian Electricity Market Wrap

Mon 23 Feb 2026 - Fri 27 Feb 2026

Calendar Year Price as at Fri 27 Feb 2026

NSW VIC QLD SA
2027 95.58 72.38 80.16 84.33
2028 93.97 75.85 78.14 88.75
2029 95.60 80.17 78.06 92.50

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q1 2026 $73.25 - 51 2370
VIC Base Q1 2026 $43.00 $1.15 64 2065
QLD Base Q1 2026 $66.75 -$0.50 72 3366
SA Base Q1 2026 $90.75 -$0.25 1 139
NSW Base Q2 2026 $107.40 -$0.10 133 2149
VIC Base Q2 2026 $89.14 -$0.66 142 2086
QLD Base Q2 2026 $78.90 -$0.10 71 2620
SA Base Q2 2026 $104.00 -$1.00 12 108

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q1 2026 $11.75 -$0.50 51 1499
VIC Caps Q1 2026 $2.90 -$0.70 50 1462
QLD Caps Q1 2026 $4.00 -$0.50 33 979
SA Caps Q1 2026 $45.00 -$2.00 - 147
NSW Caps Q2 2026 $22.50 $0.35 90 1153
VIC Caps Q2 2026 $14.25 -$0.45 18 789
QLD Caps Q2 2026 $8.75 -$0.30 17 743
SA Caps Q2 2026 $22.00 - 11 92

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q1 2026 47.70% 0 $73.00 30.00% 0
VIC Q1 2026 27.74% 0 $43.00 30.00% 0
QLD Q1 2026 30.00% 0 $67.00 46.88% 0
SA Q1 2026 30.00% 0 $91.00 30.00% 0
NSW FY 2027 13.00% 0 $97.00 13.00% 0
VIC FY 2027 24.06% 25 $72.00 17.82% 0
QLD FY 2027 13.52% 0 $81.00 13.59% 0
SA FY 2027 30.00% 0 $84.00 30.00% 0
NSW CY 2027 13.00% 0 $96.00 13.00% 0
VIC CY 2027 28.75% 25 $72.00 23.11% 25
QLD CY 2027 13.52% 0 $80.00 20.70% 290
SA CY 2027 30.00% 0 $84.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 27 Feb 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 2,370 1,499 0 2,065 1,462 0 3,366 979 0 139 147
Q22026 2 2,149 1,153 0 2,086 789 0 2,620 743 0 108 92
Q32026 2 1,772 630 0 1,660 695 0 2,324 702 0 132 131
Q42026 2 1,575 588 0 1,328 719 0 2,106 600 0 166 120
Q12027 0 1,510 485 0 1,037 520 0 2,199 776 0 137 122
Q22027 0 1,464 422 0 1,011 270 0 2,029 481 0 98 80
Q32027 0 972 232 0 731 99 0 1,500 406 0 71 36
Q42027 0 1,011 234 0 661 155 0 1,515 424 0 71 38
Q12028 0 725 186 0 395 253 0 1,077 518 0 76 31
Q22028 0 666 178 0 320 130 0 1,095 498 0 67 31
Q32028 0 463 124 0 195 66 0 694 374 0 46 29
Q42028 0 501 121 0 230 59 0 694 362 0 46 29
Q12029 0 249 19 0 143 18 0 278 117 0 0 0
Q22029 0 254 4 0 137 2 0 288 97 0 0 0
Q32029 0 110 3 0 53 0 0 96 85 0 0 0
Q42029 0 123 3 0 78 0 0 93 86 0 0 0
Total 8 15,914 5,881 0 12,150 5,237 0 21,974 7,248 0 1,157 886

Options Open Interest As at COB Fri 27 Feb 2026

  NSW VIC QLD SA
Mar 2026 5,715 3,525 7,271 114
Jun 2026 4,660 3,815 2,025 10
Sep 2026 1,855 710 475 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Jun 2027 0 0 0 0
Fin 2027 2,100 2,565 4,824 0
Cal 2027 2,090 1,510 3,360 0
Fin 2028 1,511 1,000 2,700 0
Cal 2028 1,376 800 2,515 0
Fin 2029 425 295 800 0
Cal 2029 300 150 350 0
Total 20,032 14,470 24,320 124

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026351,9252,070.15
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

Disclaimer - Terms of Use - Privacy Statement