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Australian Electricity Market Wrap

Mon 21 Jul 2025 - Fri 25 Jul 2025

Calendar Year Price as at Fri 25 Jul 2025

NSW VIC QLD SA
2026 119.43 78.94 102.10 95.69
2027 115.41 75.50 96.37 94.61
2028 115.01 75.96 91.44 94.80

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q3 2025 $108.00 $3.00 203 2053
VIC Base Q3 2025 $88.00 $3.25 145 1621
QLD Base Q3 2025 $85.50 $5.25 39 2796
SA Base Q3 2025 $120.00 -$14.00 3 67
NSW Base Q4 2025 $113.00 $1.00 96 1571
VIC Base Q4 2025 $56.00 $1.00 60 1500
QLD Base Q4 2025 $98.25 $0.75 95 2395
SA Base Q4 2025 $59.23 - - 61

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q3 2025 $21.50 $3.12 115 753
VIC Caps Q3 2025 $17.50 $6.30 95 755
QLD Caps Q3 2025 $10.75 $1.74 8 576
SA Caps Q3 2025 $40.00 $1.00 8 184
NSW Caps Q4 2025 $27.00 $0.05 67 775
VIC Caps Q4 2025 $10.75 $0.25 16 833
QLD Caps Q4 2025 $20.50 -$0.25 18 564
SA Caps Q4 2025 $18.50 - - 106

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q3 2025 47.70% 0 $108.00 30.00% 0
VIC Q3 2025 27.74% 0 $88.00 30.00% 0
QLD Q3 2025 30.00% 0 $86.00 30.00% 0
SA Q3 2025 30.00% 0 $120.00 30.00% 0
NSW FY 2027 13.00% 0 $116.00 13.00% 0
VIC FY 2027 32.99% 0 $77.00 15.02% 25
QLD FY 2027 13.52% 0 $99.00 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 25 Jul 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Aug 2025 - 5 - - 36 - - 0 - - 0 -
Sep 2025 - 79 - - 4 - - 2 - - 0 -
Oct 2025 - 73 - - 0 - - 0 - - 0 -
Nov 2025 - 5 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 16 - - 0 -
Q32025 9 2,053 753 4 1,621 755 0 2,796 576 0 67 184
Q42025 6 1,571 775 0 1,500 833 0 2,395 564 0 61 106
Q12026 2 1,344 921 0 1,404 952 0 1,902 657 0 122 117
Q22026 2 1,547 749 0 1,366 696 0 1,693 543 0 69 95
Q32026 2 1,041 435 0 854 505 0 1,430 430 0 88 76
Q42026 2 1,043 358 0 886 384 0 1,299 391 0 102 60
Q12027 0 757 224 0 661 75 0 1,136 418 0 107 68
Q22027 0 770 223 0 575 114 0 1,087 376 0 78 43
Q32027 0 409 158 0 474 89 0 708 330 0 69 31
Q42027 0 423 158 0 431 89 0 736 327 0 69 34
Q12028 0 235 122 0 141 101 0 462 229 0 67 29
Q22028 0 206 121 0 111 101 0 424 229 0 64 29
Q32028 0 41 95 0 52 59 0 309 190 0 40 29
Q42028 0 45 95 0 86 59 0 314 190 0 40 29
Q12029 0 2 0 0 4 0 0 34 1 0 0 0
Q22029 0 3 0 0 4 0 0 34 0 0 0 0
Total 23 11,652 5,187 4 10,210 4,812 0 16,777 5,451 0 1,043 930

Options Open Interest As at COB Fri 25 Jul 2025

  NSW VIC QLD SA
Sep 2025 4,076 2,485 3,115 31
Dec 2025 1,283 750 1,012 0
Mar 2026 325 725 600 20
Jun 2026 0 0 0 0
Sep 2026 0 50 0 0
Dec 2026 0 0 0 0
Cal 2026 2,711 2,729 4,482 0
Fin 2027 1,176 1,900 3,043 0
Cal 2027 355 740 1,459 0
Fin 2028 100 200 850 0
Cal 2028 0 300 500 0
Fin 2029 0 0 100 0
Total 10,026 9,879 15,161 51

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 202557,8782,756.10
May 202564,5232,932.86
May 202525,4421,339.05
Mar 202531,0291,477.57
Mar 202541,5122,075.60
Jan 202526,0561,240.76
Dec 202422,3251,116.25
Dec 202443,4092,067.10
Oct 202425,4151,105.00
Oct 202422,6701,079.52
Aug 202430,1801,371.82
Jul 202431,9441,388.87
Jul 202428,0931,478.58
May 202480,7083,509.04
May 202431,0351,551.75
Mar 202429,7181,485.90
Mar 202448,0122,286.29
Jan 202442,1462,006.95
Dec 202332,5491,713.11
Dec 202382,9883,772.18
Oct 202345,2112,055.05
Oct 202322,8371,087.48
Aug 202338,0681,655.13

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