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Australian Electricity Market Wrap

Mon 5 Jan 2026 - Fri 9 Jan 2026

Calendar Year Price as at Fri 9 Jan 2026

NSW VIC QLD SA
2027 97.14 71.92 80.73 87.84
2028 96.70 75.50 81.20 90.37
2029 98.00 82.75 81.39 93.53

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q1 2026 $88.94 -$9.56 208 1906
VIC Base Q1 2026 $52.56 -$9.95 373 1768
QLD Base Q1 2026 $74.10 -$9.25 325 2962
SA Base Q1 2026 $77.50 -$3.25 - 138
NSW Base Q2 2026 $114.26 -$6.09 169 1862
VIC Base Q2 2026 $94.50 -$4.80 253 1824
QLD Base Q2 2026 $84.00 -$3.75 84 2417
SA Base Q2 2026 $112.75 - - 92

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q1 2026 $21.85 -$5.75 232 1304
VIC Caps Q1 2026 $13.50 -$6.00 390 1352
QLD Caps Q1 2026 $11.35 -$3.91 164 872
SA Caps Q1 2026 $27.50 -$0.50 5 143
NSW Caps Q2 2026 $23.50 -$0.95 72 1059
VIC Caps Q2 2026 $15.50 -$0.50 65 758
QLD Caps Q2 2026 $11.35 -$0.40 22 669
SA Caps Q2 2026 $22.00 - - 86

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q1 2026 47.70% 0 $89.00 30.00% 0
VIC Q1 2026 27.74% 0 $53.00 30.00% 0
QLD Q1 2026 30.00% 0 $74.00 46.88% 0
SA Q1 2026 30.00% 0 $78.00 30.00% 0
NSW FY 2027 13.00% 0 $97.00 13.00% 0
VIC FY 2027 24.06% 25 $72.00 17.82% 0
QLD FY 2027 24.01% 35 $80.00 18.87% 85
SA FY 2027 30.00% 0 $88.00 30.00% 0
NSW CY 2027 13.00% 0 $97.00 13.00% 0
VIC CY 2027 28.75% 25 $72.00 23.11% 25
QLD CY 2027 13.52% 0 $81.00 13.59% 0
SA CY 2027 30.00% 0 $88.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 9 Jan 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
Mar 2026 - 0 - - 20 - - 0 - - 0 -
Apr 2026 - 0 - - 0 - - 0 - - 0 -
May 2026 - 0 - - 0 - - 0 - - 0 -
Jun 2026 - 0 - - 0 - - 0 - - 0 -
Q12026 2 1,906 1,304 0 1,768 1,352 0 2,962 872 0 138 143
Q22026 2 1,862 1,059 0 1,824 758 0 2,417 669 0 92 86
Q32026 2 1,570 583 0 1,396 671 0 2,087 559 0 122 95
Q42026 2 1,446 561 0 1,206 626 0 1,920 517 0 147 87
Q12027 0 1,161 297 0 1,013 447 0 1,841 596 0 126 71
Q22027 0 1,239 307 0 959 198 0 1,720 397 0 98 50
Q32027 0 822 201 0 638 94 0 1,208 390 0 69 36
Q42027 0 839 205 0 564 85 0 1,206 388 0 69 36
Q12028 0 633 167 0 277 99 0 842 449 0 71 31
Q22028 0 586 171 0 211 90 0 728 444 0 64 31
Q32028 0 376 122 0 153 66 0 392 325 0 43 29
Q42028 0 436 117 0 187 59 0 389 339 0 43 29
Q12029 0 137 11 0 61 2 0 69 77 0 0 0
Q22029 0 147 2 0 61 0 0 79 61 0 0 0
Q32029 0 25 2 0 10 0 0 20 51 0 0 0
Q42029 0 11 2 0 10 0 0 18 51 0 0 0
Total 8 13,196 5,111 0 10,358 4,547 0 17,898 6,185 0 1,082 724

Options Open Interest As at COB Fri 9 Jan 2026

  NSW VIC QLD SA
Mar 2026 3,698 3,005 5,236 114
Jun 2026 2,184 1,250 820 0
Sep 2026 1,100 400 400 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Jun 2027 0 0 0 0
Fin 2027 1,998 2,505 4,624 0
Cal 2027 1,236 1,280 2,530 0
Fin 2028 925 700 1,900 0
Cal 2028 1,034 675 1,340 0
Fin 2029 0 100 200 0
Cal 2029 0 0 0 0
Total 12,175 10,015 17,050 114

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026248,9801,830.74
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
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
May 202480,7083,509.04
Apr 202431,0351,551.75
Mar 202429,7181,485.90
Feb 202448,0122,286.29

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