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Australian Electricity Market Wrap

Mon 15 Dec 2025 - Fri 19 Dec 2025

Calendar Year Price as at Fri 19 Dec 2025

NSW VIC QLD SA
2026 107.25 75.90 87.42 90.53
2027 105.66 74.66 87.22 88.96
2028 104.54 77.92 85.40 91.42
2029 106.53 83.32 85.00 94.79

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $82.30 $8.80 192 2527
VIC Base Q4 2025 $42.75 - 115 1686
QLD Base Q4 2025 $60.75 $1.55 33 2877
SA Base Q4 2025 $46.50 - - 78
NSW Base Q1 2026 $100.50 $2.02 307 1840
VIC Base Q1 2026 $65.75 $0.75 125 1757
QLD Base Q1 2026 $92.65 -$1.05 253 2796
SA Base Q1 2026 $86.50 - - 135

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $17.00 $6.75 183 1566
VIC Caps Q4 2025 $2.50 - 68 1016
QLD Caps Q4 2025 $3.00 $0.15 3 961
SA Caps Q4 2025 $5.85 $0.90 11 121
NSW Caps Q1 2026 $26.50 $1.45 128 1265
VIC Caps Q1 2026 $19.00 - 44 1332
QLD Caps Q1 2026 $22.00 $0.20 248 856
SA Caps Q1 2026 $29.00 - 6 132

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $82.00 30.00% 0
VIC Q4 2025 27.74% 0 $43.00 30.00% 0
QLD Q4 2025 30.00% 0 $61.00 30.00% 0
SA Q4 2025 30.00% 0 $47.00 30.00% 0
NSW FY 2027 13.00% 0 $106.00 13.00% 0
VIC FY 2027 22.28% 130 $75.00 17.34% 445
QLD FY 2027 23.23% 25 $88.00 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 19 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 2,527 1,566 0 1,686 1,016 0 2,877 961 0 78 121
Q12026 2 1,840 1,265 0 1,757 1,332 0 2,796 856 0 135 132
Q22026 2 1,924 1,078 0 1,710 767 0 2,394 638 0 86 86
Q32026 2 1,544 580 0 1,341 678 0 2,021 541 0 122 95
Q42026 2 1,485 555 0 1,176 617 0 1,909 502 0 145 87
Q12027 0 1,169 295 0 912 433 0 1,723 563 0 126 72
Q22027 0 1,259 289 0 843 201 0 1,589 390 0 98 50
Q32027 0 788 182 0 629 92 0 1,140 367 0 69 36
Q42027 0 795 186 0 542 82 0 1,137 368 0 69 36
Q12028 0 591 160 0 250 91 0 806 403 0 69 31
Q22028 0 551 169 0 212 89 0 704 409 0 64 31
Q32028 0 349 114 0 162 66 0 391 311 0 43 29
Q42028 0 411 114 0 197 59 0 393 325 0 43 29
Q12029 0 121 9 0 70 0 0 57 54 0 0 0
Q22029 0 132 2 0 70 0 0 64 50 0 0 0
Q32029 0 23 2 0 0 0 0 6 40 0 0 0
Q42029 0 6 2 0 0 0 0 5 40 0 0 0
Total 14 15,517 6,568 0 11,572 5,523 0 20,033 6,818 0 1,147 835

Options Open Interest As at COB Fri 19 Dec 2025

  NSW VIC QLD SA
Dec 2025 5,162 1,766 2,663 4
Mar 2026 3,233 2,700 4,599 114
Jun 2026 1,956 850 700 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 4,274 0
Cal 2027 961 1,015 2,330 0
Fin 2028 925 625 1,650 0
Cal 2028 934 450 1,235 0
Fin 2029 0 100 200 0
Cal 2029 0 0 0 0
Total 15,574 10,486 17,801 118

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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