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Australian Electricity Market Wrap

Mon 18 Aug 2025 - Fri 22 Aug 2025

Calendar Year Price as at Fri 22 Aug 2025

NSW VIC QLD SA
2026 117.39 77.81 100.38 96.01
2027 114.91 74.49 95.69 94.15
2028 115.17 78.23 91.50 95.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q3 2025 $99.30 -$3.23 192 2099
VIC Base Q3 2025 $79.20 -$2.80 92 1702
QLD Base Q3 2025 $77.97 $0.37 81 2893
SA Base Q3 2025 $112.50 -$4.50 - 69
NSW Base Q4 2025 $108.70 -$0.60 114 1664
VIC Base Q4 2025 $53.50 -$3.25 59 1484
QLD Base Q4 2025 $94.45 -$0.55 119 2462
SA Base Q4 2025 $59.23 - - 61

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q3 2025 $7.68 -$3.82 83 903
VIC Caps Q3 2025 $4.16 -$4.35 127 802
QLD Caps Q3 2025 $3.30 -$0.65 85 637
SA Caps Q3 2025 $28.75 -$3.25 - 194
NSW Caps Q4 2025 $25.45 -$0.80 - 841
VIC Caps Q4 2025 $9.50 -$1.45 15 825
QLD Caps Q4 2025 $17.65 -$0.60 17 583
SA Caps Q4 2025 $17.75 - - 96

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q3 2025 47.70% 0 $99.00 30.00% 0
VIC Q3 2025 27.74% 0 $79.00 30.00% 0
QLD Q3 2025 30.00% 0 $78.00 30.00% 0
SA Q3 2025 30.00% 0 $113.00 30.00% 0
NSW FY 2027 20.05% 25 $115.00 21.17% 50
VIC FY 2027 22.28% 130 $75.00 19.51% 485
QLD FY 2027 13.52% 0 $97.00 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 22 Aug 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Sep 2025 - 81 - - 6 - - 2 - - 0 -
Oct 2025 - 77 - - 0 - - 0 - - 0 -
Nov 2025 - 5 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 21 - - 0 -
Q32025 9 2,099 903 4 1,702 802 0 2,893 637 0 69 194
Q42025 6 1,664 841 0 1,484 825 0 2,462 583 0 61 96
Q12026 2 1,411 945 0 1,385 989 0 1,938 683 0 125 123
Q22026 2 1,579 837 0 1,372 738 0 1,699 555 0 72 95
Q32026 2 1,105 470 0 870 542 0 1,509 443 0 111 76
Q42026 2 1,174 366 0 927 424 0 1,398 413 0 122 60
Q12027 0 846 221 0 704 145 0 1,157 434 0 127 68
Q22027 0 850 222 0 598 151 0 1,134 371 0 96 43
Q32027 0 452 158 0 506 89 0 725 330 0 69 31
Q42027 0 467 158 0 452 89 0 755 327 0 69 34
Q12028 0 330 125 0 155 101 0 477 234 0 67 29
Q22028 0 310 125 0 128 101 0 432 234 0 64 29
Q32028 0 142 105 0 59 64 0 312 197 0 40 29
Q42028 0 150 105 0 94 59 0 317 195 0 40 29
Q12029 0 31 7 0 4 0 0 34 1 0 0 0
Q22029 0 37 0 0 4 0 0 35 0 0 0 0
Total 23 12,810 5,588 4 10,450 5,119 0 17,300 5,637 0 1,132 936

Options Open Interest As at COB Fri 22 Aug 2025

  NSW VIC QLD SA
Sep 2025 4,825 3,005 3,195 31
Dec 2025 2,518 980 1,337 4
Mar 2026 750 1,220 1,125 20
Jun 2026 225 0 0 0
Sep 2026 0 50 0 0
Dec 2026 0 0 0 0
Cal 2026 2,794 2,785 4,504 0
Fin 2027 1,543 2,325 3,491 0
Cal 2027 381 915 1,585 0
Fin 2028 100 200 850 0
Cal 2028 0 300 500 0
Fin 2029 0 0 100 0
Total 13,136 11,780 16,687 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
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
Mar 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
Mar 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

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