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Australian Electricity Market Wrap

Mon 11 Aug 2025 - Fri 15 Aug 2025

Calendar Year Price as at Fri 15 Aug 2025

NSW VIC QLD SA
2026 118.20 79.61 101.97 96.20
2027 115.38 75.77 96.23 94.73
2028 116.14 78.23 91.88 95.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q3 2025 $105.67 $8.42 263 2077
VIC Base Q3 2025 $83.22 $4.09 47 1689
QLD Base Q3 2025 $77.60 $0.35 36 2892
SA Base Q3 2025 $117.00 - - 69
NSW Base Q4 2025 $110.40 -$0.10 113 1621
VIC Base Q4 2025 $57.26 -$0.04 75 1465
QLD Base Q4 2025 $95.00 - 17 2414
SA Base Q4 2025 $59.23 - - 61

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q3 2025 $16.00 $5.52 138 863
VIC Caps Q3 2025 $10.25 $2.50 137 788
QLD Caps Q3 2025 $5.50 -$0.25 21 618
SA Caps Q3 2025 $32.00 $0.50 20 194
NSW Caps Q4 2025 $26.25 $0.25 45 841
VIC Caps Q4 2025 $11.00 -$0.25 21 815
QLD Caps Q4 2025 $18.25 $0.25 30 586
SA Caps Q4 2025 $17.75 -$0.25 12 96

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q3 2025 47.70% 0 $106.00 30.00% 0
VIC Q3 2025 27.74% 0 $83.00 30.00% 0
QLD Q3 2025 30.00% 0 $78.00 30.00% 0
SA Q3 2025 30.00% 0 $117.00 30.00% 0
NSW FY 2027 20.05% 25 $115.00 21.17% 50
VIC FY 2027 32.99% 0 $77.00 15.02% 25
QLD FY 2027 20.48% 60 $98.00 13.59% 0
SA FY 2027 30.00% 0 $96.00 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 15 Aug 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Aug 2025 - 5 - - 46 - - 0 - - 0 -
Sep 2025 - 79 - - 4 - - 2 - - 0 -
Oct 2025 - 77 - - 0 - - 0 - - 0 -
Nov 2025 - 5 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 21 - - 0 -
Q32025 9 2,077 863 4 1,689 788 0 2,892 618 0 69 194
Q42025 6 1,621 841 0 1,465 815 0 2,414 586 0 61 96
Q12026 2 1,400 938 0 1,390 986 0 1,971 671 0 124 123
Q22026 2 1,587 820 0 1,361 723 0 1,737 555 0 70 95
Q32026 2 1,103 465 0 863 520 0 1,457 443 0 104 76
Q42026 2 1,170 361 0 904 402 0 1,341 413 0 116 60
Q12027 0 843 223 0 687 97 0 1,147 434 0 119 68
Q22027 0 846 222 0 585 125 0 1,107 371 0 90 43
Q32027 0 441 158 0 494 89 0 720 330 0 69 31
Q42027 0 457 158 0 451 89 0 750 327 0 69 34
Q12028 0 321 125 0 153 101 0 476 234 0 67 29
Q22028 0 300 125 0 124 101 0 433 234 0 64 29
Q32028 0 128 105 0 59 59 0 311 195 0 40 29
Q42028 0 134 105 0 94 59 0 316 195 0 40 29
Q12029 0 29 7 0 4 0 0 34 1 0 0 0
Q22029 0 35 0 0 4 0 0 34 0 0 0 0
Total 23 12,658 5,516 4 10,377 4,954 0 17,163 5,607 0 1,102 936

Options Open Interest As at COB Fri 15 Aug 2025

  NSW VIC QLD SA
Sep 2025 4,620 2,630 3,195 31
Dec 2025 1,818 980 1,087 4
Mar 2026 700 1,220 1,050 20
Jun 2026 225 0 0 0
Sep 2026 0 50 0 0
Dec 2026 0 0 0 0
Cal 2026 2,779 2,765 4,549 0
Fin 2027 1,468 2,350 3,426 0
Cal 2027 369 890 1,585 0
Fin 2028 100 200 850 0
Cal 2028 0 300 500 0
Fin 2029 0 0 100 0
Total 12,079 11,385 16,342 55

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
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
Nov 202382,9883,772.18
Oct 202345,2112,055.05
Sep 202322,8371,087.48

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