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Australian Electricity Market Wrap

Mon 8 Dec 2025 - Fri 12 Dec 2025

Calendar Year Price as at Fri 12 Dec 2025

NSW VIC QLD SA
2026 105.40 75.18 86.92 90.60
2027 104.44 73.74 85.83 89.20
2028 104.69 77.81 84.90 91.80
2029 107.27 83.06 85.45 94.79

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $73.75 $0.25 112 2446
VIC Base Q4 2025 $42.75 $1.45 29 1665
QLD Base Q4 2025 $59.00 $0.25 19 2877
SA Base Q4 2025 $46.50 -$2.00 - 78
NSW Base Q1 2026 $97.24 -$1.79 228 1761
VIC Base Q1 2026 $64.00 -$0.85 190 1733
QLD Base Q1 2026 $92.41 -$2.59 267 2736
SA Base Q1 2026 $86.50 -$3.75 - 135

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $9.70 $0.20 53 1492
VIC Caps Q4 2025 $2.55 $0.35 3 1000
QLD Caps Q4 2025 $2.75 -$0.25 4 958
SA Caps Q4 2025 $4.95 -$2.55 11 115
NSW Caps Q1 2026 $24.00 -$0.75 91 1214
VIC Caps Q1 2026 $18.00 -$0.30 64 1310
QLD Caps Q1 2026 $21.60 -$0.40 167 934
SA Caps Q1 2026 $29.00 -$4.00 7 126

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $74.00 30.00% 0
VIC Q4 2025 27.74% 0 $43.00 30.00% 0
QLD Q4 2025 30.00% 0 $59.00 30.00% 0
SA Q4 2025 30.00% 0 $47.00 30.00% 0
NSW FY 2027 13.00% 0 $105.00 16.81% 225
VIC FY 2027 32.99% 0 $74.00 15.02% 0
QLD FY 2027 13.52% 0 $86.00 13.59% 0
SA FY 2027 30.00% 0 $89.00 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 12 Dec 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Dec 2025 - 2 - - 0 - - 21 - - 0 -
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
Mar 2026 - 0 - - 15 - - 0 - - 0 -
Q42025 6 2,446 1,492 0 1,665 1,000 0 2,877 958 0 78 115
Q12026 2 1,761 1,214 0 1,733 1,310 0 2,736 934 0 135 126
Q22026 2 1,866 1,041 0 1,674 762 0 2,351 663 0 86 86
Q32026 2 1,454 515 0 1,324 658 0 1,971 554 0 121 95
Q42026 2 1,426 502 0 1,155 609 0 1,882 502 0 145 87
Q12027 0 1,173 280 0 908 422 0 1,679 538 0 126 72
Q22027 0 1,261 265 0 844 192 0 1,565 389 0 98 50
Q32027 0 772 182 0 632 92 0 1,111 367 0 69 36
Q42027 0 815 186 0 540 82 0 1,133 366 0 69 36
Q12028 0 575 160 0 231 91 0 784 394 0 69 31
Q22028 0 542 169 0 207 89 0 681 402 0 64 31
Q32028 0 344 114 0 159 66 0 377 306 0 43 29
Q42028 0 406 114 0 194 59 0 379 320 0 43 29
Q12029 0 112 9 0 67 0 0 57 4 0 0 0
Q22029 0 126 2 0 67 0 0 57 0 0 0 0
Q32029 0 23 2 0 0 0 0 3 0 0 0 0
Q42029 0 6 2 0 0 0 0 1 0 0 0 0
Total 14 15,110 6,249 0 11,415 5,432 0 19,665 6,697 0 1,146 823

Options Open Interest As at COB Fri 12 Dec 2025

  NSW VIC QLD SA
Dec 2025 4,792 1,766 2,638 4
Mar 2026 3,233 2,700 4,599 114
Jun 2026 1,881 850 700 0
Sep 2026 505 400 150 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Fin 2027 1,898 2,480 4,049 0
Cal 2027 961 1,015 2,309 0
Fin 2028 925 625 1,525 0
Cal 2028 884 450 1,060 0
Fin 2029 0 100 200 0
Cal 2029 0 0 0 0
Total 15,079 10,486 17,230 118

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
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
Feb 202448,0122,286.29
Jan 202442,1462,006.95

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