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Australian Electricity Market Wrap

Mon 4 May 2026 - Fri 8 May 2026

Calendar Year Price as at Fri 8 May 2026

NSW VIC QLD SA
2027 94.79 71.80 81.04 83.82
2028 93.77 74.82 79.12 87.84
2029 95.90 79.08 78.75 89.67

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q2 2026 $88.84 -$4.66 405 2679
VIC Base Q2 2026 $67.25 -$5.45 294 2555
QLD Base Q2 2026 $71.00 -$1.85 134 3038
SA Base Q2 2026 $94.00 -$7.00 - 141
NSW Base Q3 2026 $95.81 -$4.84 239 2381
VIC Base Q3 2026 $79.20 -$5.05 245 2120
QLD Base Q3 2026 $78.30 -$2.45 116 2922
SA Base Q3 2026 $97.00 -$3.30 9 166

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q2 2026 $12.75 -$2.75 100 1309
VIC Caps Q2 2026 $7.50 -$1.50 54 848
QLD Caps Q2 2026 $5.00 -$1.50 40 886
SA Caps Q2 2026 $15.75 -$1.75 - 97
NSW Caps Q3 2026 $14.75 -$1.05 63 680
VIC Caps Q3 2026 $9.95 -$1.60 13 737
QLD Caps Q3 2026 $8.90 -$0.85 10 756
SA Caps Q3 2026 $19.00 -$1.00 10 134

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q2 2026 47.70% 0 $89.00 30.00% 0
VIC Q2 2026 27.74% 0 $67.00 48.92% 0
QLD Q2 2026 30.00% 0 $71.00 30.00% 0
SA Q2 2026 30.00% 0 $94.00 30.00% 0
NSW FY 2027 13.00% 0 $95.00 19.49% 80
VIC FY 2027 32.99% 0 $71.00 15.02% 0
QLD FY 2027 13.52% 0 $81.00 13.59% 0
SA FY 2027 30.00% 0 $84.00 30.00% 0
NSW CY 2027 13.00% 0 $95.00 19.62% 250
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 $84.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 8 May 2026

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
May 2026 - 0 - - 0 - - 30 - - 0 -
Jun 2026 - 2 - - 0 - - 0 - - 0 -
Jul 2026 - 2 - - 0 - - 0 - - 0 -
Aug 2026 - 0 - - 0 - - 0 - - 0 -
Sep 2026 - 0 - - 0 - - 0 - - 0 -
Q22026 2 2,713 1,323 0 2,548 843 0 3,041 881 0 141 97
Q32026 2 2,388 680 0 2,138 737 0 2,912 756 0 166 134
Q42026 2 1,952 603 0 1,602 782 0 2,732 640 0 188 124
Q12027 0 1,932 490 0 1,278 495 0 2,674 819 0 139 136
Q22027 0 1,965 463 0 1,279 313 0 2,509 676 0 100 88
Q32027 0 1,295 257 0 806 213 0 1,870 559 0 95 38
Q42027 0 1,378 256 0 821 275 0 1,885 436 0 96 40
Q12028 0 928 197 0 408 361 0 1,487 594 0 112 35
Q22028 0 879 193 0 368 233 0 1,486 556 0 103 35
Q32028 0 526 126 0 227 150 0 939 421 0 76 31
Q42028 0 566 122 0 252 143 0 937 408 0 76 31
Q12029 0 304 20 0 179 109 0 336 129 0 37 0
Q22029 0 301 4 0 176 94 0 346 104 0 35 0
Q32029 0 137 5 0 70 92 0 102 92 0 23 0
Q42029 0 149 8 0 98 92 0 99 93 0 23 0
Q12030 0 1 0 0 0 5 0 0 5 0 0 0
Q22030 0 1 0 0 0 5 0 0 5 0 0 0
Total 6 17,419 4,747 0 12,250 4,942 0 23,385 7,174 0 1,410 789

Options Open Interest As at COB Fri 8 May 2026

  NSW VIC QLD SA
Jun 2026 6,918 5,593 4,022 10
Sep 2026 3,616 1,830 1,430 10
Dec 2026 852 1,025 1,325 0
Mar 2027 150 75 275 0
Jun 2027 0 0 0 0
Sep 2027 0 0 0 0
Fin 2027 2,814 2,457 4,984 0
Cal 2027 3,427 1,885 4,605 0
Fin 2028 1,840 975 3,075 0
Cal 2028 1,854 800 2,890 0
Fin 2029 595 295 1,005 0
Cal 2029 325 150 350 0
Total 22,391 15,085 23,961 20

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2025-2026491,3832,254.05
FY 2024-2025422,3831,662.93
FY 2023-2024519,9172,063.16
Apr 202649,5192,475.95
Mar 202675,9713,453.23
Feb 202658,9832,949.15
Jan 202664,8843,244.20
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

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