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Australian Electricity Market Wrap

Mon 12 Jan 2026 - Fri 16 Jan 2026

Calendar Year Price as at Fri 16 Jan 2026

NSW VIC QLD SA
2027 100.74 73.47 84.40 86.78
2028 99.06 76.70 83.00 90.36
2029 99.50 82.75 81.75 93.53

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q1 2026 $83.55 $1.55 228 2010
VIC Base Q1 2026 $47.69 $4.04 138 1816
QLD Base Q1 2026 $79.35 $8.00 335 3004
SA Base Q1 2026 $74.00 -$1.00 - 138
NSW Base Q2 2026 $116.00 $5.49 342 1929
VIC Base Q2 2026 $95.75 $4.50 222 1890
QLD Base Q2 2026 $85.50 $3.69 133 2453
SA Base Q2 2026 $109.00 -$2.45 2 94

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q1 2026 $20.00 $2.00 126 1352
VIC Caps Q1 2026 $11.00 $3.10 87 1386
QLD Caps Q1 2026 $14.42 $5.54 165 839
SA Caps Q1 2026 $27.00 $0.20 6 143
NSW Caps Q2 2026 $26.00 $3.50 84 1068
VIC Caps Q2 2026 $16.10 $1.20 51 766
QLD Caps Q2 2026 $12.20 $1.85 18 674
SA Caps Q2 2026 $22.00 - - 86

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q1 2026 47.70% 0 $84.00 30.00% 0
VIC Q1 2026 27.74% 0 $48.00 30.00% 0
QLD Q1 2026 30.00% 0 $79.00 46.88% 0
SA Q1 2026 30.00% 0 $74.00 30.00% 0
NSW FY 2027 13.00% 0 $101.00 13.00% 0
VIC FY 2027 32.99% 0 $74.00 15.02% 0
QLD FY 2027 13.52% 0 $84.00 13.59% 0
SA FY 2027 30.00% 0 $86.00 30.00% 0
NSW CY 2027 13.00% 0 $101.00 13.00% 0
VIC CY 2027 32.99% 0 $73.00 16.87% 50
QLD CY 2027 13.52% 0 $84.00 13.59% 0
SA CY 2027 30.00% 0 $87.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 16 Jan 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
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 2,010 1,352 0 1,816 1,386 0 3,004 839 0 138 143
Q22026 2 1,929 1,068 0 1,890 766 0 2,453 674 0 94 86
Q32026 2 1,646 599 0 1,439 681 0 2,168 590 0 122 94
Q42026 2 1,519 566 0 1,227 633 0 1,990 530 0 146 87
Q12027 0 1,254 350 0 1,016 457 0 1,951 603 0 126 76
Q22027 0 1,275 360 0 994 211 0 1,819 408 0 98 50
Q32027 0 843 228 0 706 99 0 1,314 401 0 71 36
Q42027 0 827 229 0 623 85 0 1,294 399 0 71 37
Q12028 0 618 180 0 351 102 0 863 468 0 71 31
Q22028 0 569 177 0 267 90 0 777 456 0 64 31
Q32028 0 376 124 0 152 66 0 472 337 0 43 29
Q42028 0 426 121 0 186 59 0 467 351 0 43 29
Q12029 0 149 12 0 63 3 0 141 83 0 0 0
Q22029 0 158 4 0 64 0 0 153 62 0 0 0
Q32029 0 33 3 0 10 0 0 41 51 0 0 0
Q42029 0 22 3 0 10 0 0 39 52 0 0 0
Total 8 13,654 5,376 0 10,834 4,638 0 18,946 6,304 0 1,087 729

Options Open Interest As at COB Fri 16 Jan 2026

  NSW VIC QLD SA
Mar 2026 3,923 3,105 5,726 114
Jun 2026 2,600 1,685 1,095 0
Sep 2026 1,100 400 400 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Jun 2027 0 0 0 0
Fin 2027 2,073 2,505 4,664 0
Cal 2027 1,286 1,280 2,580 0
Fin 2028 1,205 800 2,000 0
Cal 2028 1,010 675 1,640 0
Fin 2029 0 100 400 0
Cal 2029 0 0 0 0
Total 13,197 10,650 18,505 114

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026271,2461,923.73
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
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
Feb 202448,0122,286.29

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