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Australian Electricity Market Wrap

Mon 18 May 2026 - Fri 22 May 2026

Calendar Year Price as at Fri 22 May 2026

NSW VIC QLD SA
2027 93.56 70.34 78.77 82.52
2028 92.25 74.95 78.10 86.28
2029 93.41 79.71 77.79 89.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q2 2026 $94.14 -$1.36 439 2748
VIC Base Q2 2026 $71.00 -$3.46 309 2626
QLD Base Q2 2026 $72.85 -$4.96 261 3075
SA Base Q2 2026 $89.00 -$1.00 - 141
NSW Base Q3 2026 $93.50 -$3.00 1832 2595
VIC Base Q3 2026 $75.00 -$3.29 1118 2294
QLD Base Q3 2026 $75.00 -$3.75 1414 2992
SA Base Q3 2026 $94.50 -$1.17 11 173

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q2 2026 $12.75 -$2.75 297 1350
VIC Caps Q2 2026 $7.00 -$2.65 106 863
QLD Caps Q2 2026 $4.45 -$3.05 213 934
SA Caps Q2 2026 $13.00 -$1.00 - 97
NSW Caps Q3 2026 $13.50 -$1.00 28 691
VIC Caps Q3 2026 $8.75 -$1.25 25 734
QLD Caps Q3 2026 $6.75 -$1.25 11 761
SA Caps Q3 2026 $18.34 - - 134

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q2 2026 47.70% 0 $94.00 30.00% 0
VIC Q2 2026 27.74% 0 $71.00 30.00% 0
QLD Q2 2026 30.00% 0 $73.00 30.00% 0
SA Q2 2026 30.00% 0 $89.00 30.00% 0
NSW FY 2027 0.00% $0.00 0.00%
VIC FY 2027 0.00% $0.00 0.00%
QLD FY 2027 0.00% $0.00 0.00%
SA FY 2027 0.00% $0.00 0.00%
NSW CY 2027 13.00% 0 $94.00 13.00% 0
VIC CY 2027 29.84% 55 $70.00 17.99% 190
QLD CY 2027 13.52% 0 $79.00 13.59% 0
SA CY 2027 30.00% 0 $83.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 22 May 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
May 2026 - 0 - - 0 - - 45 - - 0 -
Jun 2026 - 2 - - 30 - - 0 - - 0 -
Jul 2026 - 2 - - 5 - - 0 - - 0 -
Aug 2026 - 0 - - 0 - - 0 - - 0 -
Sep 2026 - 0 - - 0 - - 0 - - 0 -
Q22026 2 2,778 1,346 0 2,632 866 0 3,085 936 0 141 97
Q32026 2 2,594 691 0 2,289 734 0 2,996 761 0 173 134
Q42026 2 1,883 603 0 1,835 832 0 2,762 668 0 190 124
Q12027 0 2,137 494 0 1,556 595 0 2,740 891 0 142 136
Q22027 0 2,038 476 0 1,411 319 0 2,548 678 0 119 88
Q32027 0 1,420 259 0 810 213 0 1,859 596 0 96 38
Q42027 0 1,493 256 0 828 275 0 1,865 475 0 96 40
Q12028 0 991 197 0 416 367 0 1,544 629 0 116 35
Q22028 0 943 197 0 364 227 0 1,546 591 0 107 35
Q32028 0 558 126 0 239 150 0 941 421 0 83 31
Q42028 0 603 122 0 262 143 0 932 408 0 81 31
Q12029 0 317 20 0 190 110 0 337 130 0 60 0
Q22029 0 313 4 0 185 95 0 345 105 0 58 0
Q32029 0 142 5 0 77 93 0 115 93 0 49 0
Q42029 0 154 8 0 101 93 0 113 94 0 47 0
Q12030 0 4 0 0 0 5 0 0 5 0 0 0
Q22030 0 4 0 0 0 5 0 0 5 0 0 0
Total 6 18,376 4,804 0 13,230 5,122 0 23,773 7,486 0 1,558 789

Options Open Interest As at COB Fri 22 May 2026

  NSW VIC QLD SA
Jun 2026 7,309 6,513 4,072 10
Sep 2026 4,041 2,530 1,560 10
Dec 2026 1,302 1,025 1,450 0
Mar 2027 2,095 795 1,275 0
Jun 2027 0 0 0 0
Sep 2027 0 0 0 0
Cal 2027 3,756 1,910 4,657 0
Fin 2028 1,890 1,025 3,326 0
Cal 2028 1,904 800 3,040 0
Fin 2029 595 295 1,005 0
Cal 2029 375 150 450 0
Fin 2030 0 0 0 0
Total 23,267 15,043 20,835 20

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026540,2022,369.31
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
Apr 202649,5192,475.95
Mar 202675,9713,453.23
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

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