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Australian Electricity Market Wrap

Mon 13 Oct 2025 - Fri 17 Oct 2025

Calendar Year Price as at Fri 17 Oct 2025

NSW VIC QLD SA
2026 119.19 80.52 103.95 94.94
2027 115.94 75.94 97.85 93.22
2028 115.51 78.39 93.61 95.00
2029 118.23 83.11 92.40 95.00

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q4 2025 $112.63 -$2.37 264 1877
VIC Base Q4 2025 $55.05 $3.25 148 1614
QLD Base Q4 2025 $92.25 -$2.35 116 2592
SA Base Q4 2025 $60.25 $1.50 1 79
NSW Base Q1 2026 $120.52 -$1.23 244 1461
VIC Base Q1 2026 $77.00 -$0.65 339 1523
QLD Base Q1 2026 $128.00 -$0.85 227 2245
SA Base Q1 2026 $96.34 - 25 131

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q4 2025 $30.30 -$0.45 131 988
VIC Caps Q4 2025 $7.60 $0.10 38 906
QLD Caps Q4 2025 $18.25 -$0.75 78 725
SA Caps Q4 2025 $15.50 - - 104
NSW Caps Q1 2026 $37.50 -$1.00 39 1043
VIC Caps Q1 2026 $26.00 -$0.43 190 1252
QLD Caps Q1 2026 $44.00 -$0.50 40 839
SA Caps Q1 2026 $40.50 -$0.58 1 124

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q4 2025 47.70% 0 $113.00 30.00% 0
VIC Q4 2025 64.84% 120 $55.00 55.33% 50
QLD Q4 2025 30.00% 0 $92.00 30.00% 0
SA Q4 2025 30.00% 0 $60.00 30.00% 0
NSW FY 2027 13.00% 0 $117.00 13.00% 0
VIC FY 2027 32.99% 0 $77.00 15.02% 25
QLD FY 2027 13.52% 0 $101.00 13.59% 0
SA FY 2027 30.00% 0 $93.00 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 17 Oct 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Oct 2025 - 93 - - 0 - - 0 - - 0 -
Nov 2025 - 5 - - 0 - - 0 - - 0 -
Dec 2025 - 0 - - 0 - - 21 - - 0 -
Jan 2026 - 0 - - 0 - - 0 - - 0 -
Feb 2026 - 0 - - 0 - - 0 - - 0 -
Mar 2026 - 0 - - 0 - - 0 - - 0 -
Q42025 6 1,877 988 0 1,614 906 0 2,592 725 0 79 104
Q12026 2 1,461 1,043 0 1,523 1,252 0 2,245 839 0 131 124
Q22026 2 1,558 851 0 1,523 813 0 1,868 556 0 78 95
Q32026 2 1,145 496 0 1,098 623 0 1,613 492 0 119 79
Q42026 2 1,251 414 0 1,112 531 0 1,548 476 0 135 63
Q12027 0 970 237 0 851 336 0 1,294 513 0 129 76
Q22027 0 1,103 236 0 756 166 0 1,290 421 0 99 46
Q32027 0 641 160 0 663 84 0 901 369 0 69 31
Q42027 0 675 161 0 575 89 0 949 366 0 70 34
Q12028 0 448 128 0 204 101 0 587 313 0 68 29
Q22028 0 432 144 0 183 99 0 557 313 0 65 29
Q32028 0 201 105 0 85 64 0 327 240 0 41 29
Q42028 0 241 105 0 118 59 0 332 238 0 41 29
Q12029 0 53 7 0 30 0 0 46 1 0 0 0
Q22029 0 55 0 0 30 0 0 49 0 0 0 0
Q32029 0 0 0 0 0 0 0 0 0 0 0 0
Q42029 0 0 0 0 0 0 0 0 0 0 0 0
Total 14 12,209 5,075 0 10,365 5,123 0 16,219 5,862 0 1,124 768

Options Open Interest As at COB Fri 17 Oct 2025

  NSW VIC QLD SA
Dec 2025 4,037 1,723 2,213 4
Mar 2026 2,095 1,746 2,175 20
Jun 2026 575 100 175 0
Sep 2026 0 350 50 0
Dec 2026 0 100 0 0
Mar 2027 0 0 0 0
Cal 2026 2,763 2,738 4,628 0
Fin 2027 1,693 2,480 3,546 0
Cal 2027 848 1,015 1,682 0
Fin 2028 700 625 975 0
Cal 2028 100 300 500 0
Fin 2029 0 0 200 0
Total 12,811 11,177 16,144 24

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
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
Nov 202382,9883,772.18

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