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Australian Electricity Market Wrap

Mon 11 May 2026 - Fri 15 May 2026

Calendar Year Price as at Fri 15 May 2026

NSW VIC QLD SA
2027 93.95 71.35 80.85 82.59
2028 92.39 74.33 78.95 87.00
2029 94.61 79.07 78.25 89.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q2 2026 $92.94 $6.59 446 2731
VIC Base Q2 2026 $71.00 $5.13 383 2575
QLD Base Q2 2026 $76.38 $6.88 196 3125
SA Base Q2 2026 $90.00 -$3.00 - 141
NSW Base Q3 2026 $96.04 $1.54 267 2389
VIC Base Q3 2026 $78.30 -$0.07 328 2216
QLD Base Q3 2026 $80.00 $2.65 115 2931
SA Base Q3 2026 $95.67 -$1.33 2 168

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q2 2026 $15.13 $2.83 113 1303
VIC Caps Q2 2026 $9.00 $2.07 37 844
QLD Caps Q2 2026 $7.90 $2.90 85 928
SA Caps Q2 2026 $14.00 -$1.75 - 97
NSW Caps Q3 2026 $14.50 $0.25 16 687
VIC Caps Q3 2026 $9.50 -$0.35 20 746
QLD Caps Q3 2026 $8.00 -$0.50 4 757
SA Caps Q3 2026 $18.34 -$0.66 - 134

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q2 2026 47.70% 0 $93.00 30.00% 0
VIC Q2 2026 27.74% 0 $71.00 30.00% 0
QLD Q2 2026 30.00% 0 $76.00 30.00% 0
SA Q2 2026 30.00% 0 $90.00 30.00% 0
NSW FY 2027 13.00% 0 $94.00 13.00% 0
VIC FY 2027 32.99% 0 $71.00 15.02% 0
QLD FY 2027 13.52% 0 $82.00 13.59% 0
SA FY 2027 30.00% 0 $82.00 30.00% 0
NSW CY 2027 13.00% 0 $94.00 13.00% 0
VIC CY 2027 29.75% 10 $71.00 15.02% 0
QLD CY 2027 13.52% 0 $81.00 13.59% 0
SA CY 2027 30.00% 0 $83.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 15 May 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
May 2026 - 0 - - 0 - - 30 - - 0 -
Jun 2026 - 2 - - 30 - - 0 - - 0 -
Jul 2026 - 2 - - 0 - - 0 - - 0 -
Aug 2026 - 0 - - 0 - - 0 - - 0 -
Sep 2026 - 0 - - 0 - - 0 - - 0 -
Q22026 2 2,740 1,305 0 2,585 849 0 3,122 932 0 141 97
Q32026 2 2,388 689 0 2,240 746 0 2,938 757 0 168 134
Q42026 2 1,946 602 0 1,662 833 0 2,759 640 0 190 124
Q12027 0 2,039 494 0 1,347 580 0 2,657 829 0 142 136
Q22027 0 2,099 471 0 1,358 316 0 2,532 678 0 101 88
Q32027 0 1,390 259 0 790 213 0 1,833 559 0 96 38
Q42027 0 1,449 256 0 830 275 0 1,844 436 0 96 40
Q12028 0 975 197 0 401 362 0 1,496 594 0 112 35
Q22028 0 925 195 0 348 229 0 1,490 556 0 103 35
Q32028 0 545 126 0 233 150 0 938 421 0 80 31
Q42028 0 587 122 0 258 143 0 929 408 0 78 31
Q12029 0 306 20 0 182 110 0 337 129 0 56 0
Q22029 0 304 4 0 177 95 0 343 104 0 54 0
Q32029 0 139 5 0 75 93 0 115 92 0 45 0
Q42029 0 151 8 0 99 93 0 113 93 0 43 0
Q12030 0 1 0 0 0 5 0 0 5 0 0 0
Q22030 0 1 0 0 0 5 0 0 5 0 0 0
Total 6 17,989 4,753 0 12,615 5,097 0 23,476 7,238 0 1,505 789

Options Open Interest As at COB Fri 15 May 2026

  NSW VIC QLD SA
Jun 2026 7,138 6,363 4,147 10
Sep 2026 3,781 2,100 1,430 10
Dec 2026 852 1,025 1,325 0
Mar 2027 520 75 275 0
Jun 2027 0 0 0 0
Sep 2027 0 0 0 0
Fin 2027 2,804 2,247 4,737 0
Cal 2027 3,741 1,885 4,881 0
Fin 2028 1,890 1,025 3,075 0
Cal 2028 1,904 800 2,990 0
Fin 2029 595 295 1,005 0
Cal 2029 325 150 450 0
Total 23,550 15,965 24,315 20

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026508,7852,281.55
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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