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Australian Electricity Market Wrap

Mon 1 Sep 2025 - Fri 5 Sep 2025

Calendar Year Price as at Fri 5 Sep 2025

NSW VIC QLD SA
2026 118.64 78.29 103.32 95.15
2027 114.95 74.81 97.12 93.87
2028 115.98 78.98 93.65 95.50

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q3 2025 $97.50 -$3.09 339 2102
VIC Base Q3 2025 $79.50 -$0.55 108 1722
QLD Base Q3 2025 $76.25 -$0.75 54 2909
SA Base Q3 2025 $109.00 -$0.50 - 69
NSW Base Q4 2025 $113.75 $4.05 218 1764
VIC Base Q4 2025 $54.60 $0.10 56 1527
QLD Base Q4 2025 $98.00 $3.10 172 2517
SA Base Q4 2025 $60.25 $1.75 2 71

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q3 2025 $6.80 -$1.75 130 1003
VIC Caps Q3 2025 $3.30 -$1.51 57 854
QLD Caps Q3 2025 $2.75 -$0.75 20 655
SA Caps Q3 2025 $28.00 - 2 196
NSW Caps Q4 2025 $28.25 $2.00 57 870
VIC Caps Q4 2025 $8.90 -$0.60 18 827
QLD Caps Q4 2025 $19.80 $1.80 50 613
SA Caps Q4 2025 $16.50 -$0.50 - 96

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q3 2025 47.70% 0 $98.00 30.00% 0
VIC Q3 2025 27.74% 0 $80.00 43.15% 75
QLD Q3 2025 30.00% 0 $76.00 30.00% 0
SA Q3 2025 30.00% 0 $109.00 30.00% 0
NSW FY 2027 13.00% 0 $116.00 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 $95.00 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 5 Sep 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Sep 2025 - 96 - - 6 - - 2 - - 0 -
Oct 2025 - 77 - - 0 - - 0 - - 0 -
Nov 2025 - 5 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 21 - - 0 -
Q32025 9 2,102 1,003 4 1,722 854 0 2,909 655 0 69 196
Q42025 6 1,764 870 0 1,527 827 0 2,517 613 0 71 96
Q12026 2 1,433 951 0 1,389 1,085 0 2,065 718 0 125 123
Q22026 2 1,642 859 0 1,379 759 0 1,752 552 0 72 95
Q32026 2 1,169 472 0 925 542 0 1,512 448 0 113 76
Q42026 2 1,239 367 0 995 424 0 1,450 423 0 122 60
Q12027 0 935 223 0 711 145 0 1,139 444 0 127 68
Q22027 0 1,004 221 0 593 151 0 1,159 381 0 97 43
Q32027 0 520 158 0 516 89 0 742 335 0 69 31
Q42027 0 512 158 0 458 89 0 782 332 0 69 34
Q12028 0 354 125 0 158 101 0 501 248 0 67 29
Q22028 0 331 125 0 139 101 0 470 244 0 64 29
Q32028 0 174 105 0 85 64 0 325 207 0 40 29
Q42028 0 176 105 0 120 59 0 330 205 0 40 29
Q12029 0 46 7 0 30 0 0 34 1 0 0 0
Q22029 0 51 0 0 30 0 0 37 0 0 0 0
Total 23 13,630 5,749 4 10,783 5,290 0 17,747 5,806 0 1,145 938

Options Open Interest As at COB Fri 5 Sep 2025

  NSW VIC QLD SA
Sep 2025 5,575 3,030 3,205 31
Dec 2025 3,288 995 1,577 4
Mar 2026 1,200 1,245 1,525 20
Jun 2026 225 0 0 0
Sep 2026 0 250 0 0
Dec 2026 0 0 0 0
Cal 2026 2,795 2,795 4,654 0
Fin 2027 1,693 2,305 3,491 0
Cal 2027 460 990 1,660 0
Fin 2028 100 225 850 0
Cal 2028 0 300 500 0
Fin 2029 0 0 100 0
Total 15,336 12,135 17,562 55

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
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
Dec 202332,5491,713.11
Nov 202382,9883,772.18
Oct 202345,2112,055.05

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