Sign up for weekly Market Wrap emails

Australian Electricity Market Wrap

Mon 10 Nov 2025 - Fri 14 Nov 2025

Calendar Year Price as at Fri 14 Nov 2025

NSW VIC QLD SA
2026 114.97 79.56 100.24 94.38
2027 113.89 76.29 96.24 92.23
2028 113.48 79.93 92.72 94.50
2029 113.33 83.91 92.25 95.09

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $85.50 -$4.00 389 2203
VIC Base Q4 2025 $48.25 -$2.79 87 1628
QLD Base Q4 2025 $70.50 -$1.00 137 2802
SA Base Q4 2025 $53.00 -$6.00 2 78
NSW Base Q1 2026 $112.75 -$1.25 236 1490
VIC Base Q1 2026 $73.75 -$1.05 147 1582
QLD Base Q1 2026 $120.00 -$0.60 154 2367
SA Base Q1 2026 $94.50 -$1.67 21 140

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $12.25 -$1.25 214 1169
VIC Caps Q4 2025 $4.00 -$1.00 118 1029
QLD Caps Q4 2025 $8.50 $0.50 66 897
SA Caps Q4 2025 $12.50 -$1.00 - 104
NSW Caps Q1 2026 $34.25 -$0.50 57 1075
VIC Caps Q1 2026 $24.60 -$0.45 28 1291
QLD Caps Q1 2026 $39.00 -$1.25 62 885
SA Caps Q1 2026 $37.50 -$2.36 2 126

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $86.00 30.00% 0
VIC Q4 2025 27.74% 0 $48.00 30.00% 0
QLD Q4 2025 30.00% 0 $71.00 30.00% 0
SA Q4 2025 30.00% 0 $53.00 30.00% 0
NSW FY 2027 13.00% 0 $114.00 13.00% 0
VIC FY 2027 32.99% 0 $77.00 15.02% 25
QLD FY 2027 20.48% 60 $98.00 13.59% 0
SA FY 2027 30.00% 0 $92.00 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 14 Nov 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Nov 2025 - 3 - - 0 - - 0 - - 0 -
Dec 2025 - 2 - - 0 - - 21 - - 0 -
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
Mar 2026 - 0 - - 0 - - 0 - - 0 -
Q42025 6 2,203 1,169 0 1,628 1,029 0 2,802 897 0 78 104
Q12026 2 1,490 1,075 0 1,582 1,291 0 2,367 885 0 140 126
Q22026 2 1,533 900 0 1,583 799 0 2,047 591 0 88 86
Q32026 2 1,193 491 0 1,171 658 0 1,761 512 0 127 81
Q42026 2 1,261 444 0 1,090 578 0 1,685 457 0 145 87
Q12027 0 1,020 249 0 894 365 0 1,419 458 0 132 78
Q22027 0 1,217 255 0 824 173 0 1,393 358 0 104 53
Q32027 0 722 175 0 663 92 0 1,011 333 0 70 34
Q42027 0 767 175 0 565 82 0 1,058 320 0 70 34
Q12028 0 512 153 0 211 91 0 705 329 0 70 29
Q22028 0 488 162 0 183 89 0 623 329 0 67 29
Q32028 0 263 109 0 127 66 0 336 256 0 43 29
Q42028 0 319 109 0 160 59 0 340 254 0 43 29
Q12029 0 100 9 0 50 0 0 48 1 0 0 0
Q22029 0 106 2 0 50 0 0 50 0 0 0 0
Q32029 0 18 2 0 0 0 0 0 0 0 0 0
Q42029 0 3 2 0 0 0 0 0 0 0 0 0
Total 14 13,220 5,481 0 10,781 5,372 0 17,666 5,980 0 1,177 799

Options Open Interest As at COB Fri 14 Nov 2025

  NSW VIC QLD SA
Dec 2025 4,427 1,796 2,353 4
Mar 2026 2,645 2,265 3,120 95
Jun 2026 850 800 475 0
Sep 2026 0 350 50 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Cal 2026 2,748 2,783 4,468 0
Fin 2027 1,842 2,480 3,671 0
Cal 2027 859 1,015 1,782 0
Fin 2028 925 625 1,400 0
Cal 2028 818 400 785 0
Fin 2029 0 100 200 0
Total 15,114 12,714 18,304 99

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
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
Jan 202442,1462,006.95
Dec 202332,5491,713.11

Disclaimer - Terms of Use - Privacy Statement