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Australian Electricity Market Wrap

Mon 30 Jun 2025 - Fri 4 Jul 2025

Calendar Year Price as at Fri 4 Jul 2025

NSW VIC QLD SA
2026 120.83 80.34 102.66 96.01
2027 115.78 74.41 96.60 92.25
2028 114.60 75.10 91.03 93.32

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q3 2025 $127.50 -$1.21 296 1873
VIC Base Q3 2025 $112.74 -$1.89 313 1572
QLD Base Q3 2025 $92.96 -$9.04 144 2695
SA Base Q3 2025 $142.00 $20.50 - 63
NSW Base Q4 2025 $114.35 $0.35 110 1537
VIC Base Q4 2025 $55.00 -$2.00 121 1534
QLD Base Q4 2025 $97.81 -$1.19 89 2372
SA Base Q4 2025 $59.23 - - 61

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q3 2025 $29.50 -$1.47 132 706
VIC Caps Q3 2025 $23.31 -$2.19 149 756
QLD Caps Q3 2025 $13.75 -$2.25 74 594
SA Caps Q3 2025 $45.00 $7.00 20 184
NSW Caps Q4 2025 $30.80 $0.80 26 773
VIC Caps Q4 2025 $10.50 -$0.75 36 826
QLD Caps Q4 2025 $21.25 $1.25 43 579
SA Caps Q4 2025 $17.60 - - 113

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q3 2025 47.70% 0 $128.00 30.00% 0
VIC Q3 2025 27.74% 0 $113.00 30.00% 0
QLD Q3 2025 30.00% 0 $93.00 30.00% 0
SA Q3 2025 30.00% 0 $142.00 30.00% 0
NSW FY 2027 13.00% 0 $117.00 13.00% 0
VIC FY 2027 32.99% 0 $76.00 15.02% 0
QLD FY 2027 13.52% 0 $99.00 13.59% 0
SA FY 2027 30.00% 0 $94.00 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 4 Jul 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Jul 2025 - 35 - - 5 - - 32 - - 0 -
Aug 2025 - 5 - - 20 - - 0 - - 0 -
Sep 2025 - 51 - - 0 - - 2 - - 0 -
Oct 2025 - 58 - - 0 - - 0 - - 0 -
Nov 2025 - 0 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 0 - - 0 -
Q32025 9 1,873 706 4 1,572 756 0 2,695 594 0 63 184
Q42025 6 1,537 773 0 1,534 826 0 2,372 579 0 61 113
Q12026 2 1,381 919 0 1,400 826 0 1,861 594 0 112 114
Q22026 2 1,510 718 0 1,390 688 0 1,726 535 0 66 94
Q32026 2 1,051 418 0 745 517 0 1,341 424 0 58 73
Q42026 2 1,035 349 0 792 394 0 1,240 386 0 71 61
Q12027 0 767 224 0 577 109 0 1,019 418 0 58 68
Q22027 0 739 219 0 503 99 0 1,025 376 0 33 43
Q32027 0 348 153 0 417 100 0 677 330 0 26 31
Q42027 0 344 153 0 383 92 0 741 327 0 26 34
Q12028 0 186 117 0 78 91 0 418 224 0 9 29
Q22028 0 166 116 0 58 91 0 434 219 0 6 29
Q32028 0 40 95 0 27 49 0 298 180 0 5 29
Q42028 0 38 95 0 61 49 0 302 180 0 5 29
Q12029 0 2 0 0 4 0 0 9 1 0 0 0
Q22029 0 3 0 0 4 0 0 9 0 0 0 0
Total 23 11,169 5,055 4 9,570 4,687 0 16,201 5,367 0 599 931

Options Open Interest As at COB Fri 4 Jul 2025

  NSW VIC QLD SA
Sep 2025 3,574 2,640 3,190 31
Dec 2025 1,070 675 830 0
Mar 2026 325 450 325 20
Jun 2026 0 0 0 0
Sep 2026 0 0 0 0
Dec 2026 0 0 0 0
Cal 2026 2,688 2,754 4,507 0
Fin 2027 1,176 1,795 2,953 0
Cal 2027 285 740 1,459 0
Fin 2028 100 150 750 0
Cal 2028 0 300 400 0
Fin 2029 0 0 0 0
Total 9,218 9,504 14,414 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
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
Dec 202332,5491,713.11
Nov 202382,9883,772.18
Oct 202345,2112,055.05
Sep 202322,8371,087.48
Aug 202338,0681,655.13

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