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Australian Electricity Market Wrap

Mon 24 Mar 2025 - Fri 28 Mar 2025

Calendar Year Price as at Fri 28 Mar 2025

NSW VIC QLD SA
2026 119.77 77.18 102.83 96.90
2027 120.17 75.72 96.68 97.92
2028 121.81 76.49 94.00 99.30

Base Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Base Q1 2025 $88.50 -$1.00 4 2066
VIC Base Q1 2025 $60.50 -$1.25 4 1425
QLD Base Q1 2025 $90.05 -$0.10 3 2974
SA Base Q1 2025 $68.00 - - 99
NSW Base Q2 2025 $135.07 -$4.93 85 1801
VIC Base Q2 2025 $101.75 -$5.25 86 1393
QLD Base Q2 2025 $114.50 $0.61 152 2620
SA Base Q2 2025 $119.00 -$0.50 1 114

Cap Quarters

Contract Week Close Net Change Traded Volume Open Interest
NSW Caps Q1 2025 $11.50 -$1.20 1 1099
VIC Caps Q1 2025 $2.50 -$0.25 5 928
QLD Caps Q1 2025 $13.50 -$1.00 8 854
SA Caps Q1 2025 $13.00 -$2.00 - 244
NSW Caps Q2 2025 $30.60 -$3.15 17 689
VIC Caps Q2 2025 $13.10 -$0.75 21 710
QLD Caps Q2 2025 $21.55 $1.45 50 599
SA Caps Q2 2025 $23.50 $0.50 14 152

Options Volatility

Contract Call Put
Volatility Open Interest ATM($) Volatility Open Interest
NSW Q1 2025 47.70% 0 $89.00 30.00% 0
VIC Q1 2025 27.74% 0 $61.00 30.00% 0
QLD Q1 2025 30.00% 0 $90.00 18.43% 185
SA Q1 2025 30.00% 0 $68.00 30.00% 0
NSW FY 2026 13.00% 0 $122.00 13.00% 0
VIC FY 2026 23.82% 230 $80.00 27.07% 110
QLD FY 2026 13.52% 0 $107.00 13.59% 0
SA FY 2026 30.00% 0 $97.00 30.00% 0
NSW CY 2026 24.24% 117 $120.00 23.27% 87
VIC CY 2026 32.99% 0 $77.00 15.02% 0
QLD CY 2026 33.09% 50 $103.00 13.59% 0
SA CY 2026 30.00% 0 $97.00 30.00% 0

Futures and Caps Open Interest as at COB Fri 28 Mar 2025

  NSW VIC QLD SA
  Peak Base Caps Peak Base Caps Peak Base Caps Peak Base Caps
Apr 2025 - 26 - - 1 - - 20 - - 0 -
May 2025 - 111 - - 1 - - 62 - - 0 -
Jun 2025 - 67 - - 15 - - 33 - - 0 -
Q22025 6 1,801 689 4 1,393 710 0 2,620 599 0 114 152
Q32025 6 1,330 579 4 1,195 681 0 2,355 542 0 54 156
Q42025 6 1,335 674 0 1,296 763 0 2,135 584 0 42 115
Q12026 2 1,026 785 0 1,088 604 0 1,496 556 0 51 113
Q22026 2 1,033 698 0 1,124 484 0 1,417 462 0 51 93
Q32026 2 696 411 0 576 376 0 1,048 323 0 40 68
Q42026 2 717 384 0 590 362 0 1,032 325 0 53 62
Q12027 0 437 176 0 494 62 0 828 255 0 42 44
Q22027 0 411 175 0 440 45 0 789 232 0 26 34
Q32027 0 144 111 0 281 47 0 490 220 0 19 19
Q42027 0 135 111 0 343 39 0 527 217 0 21 20
Q12028 0 40 70 0 51 8 0 266 127 0 2 4
Q22028 0 23 70 0 24 8 0 274 127 0 2 4
Q32028 0 3 70 0 15 5 0 199 97 0 2 4
Q42028 0 6 70 0 51 5 0 202 97 0 2 4
Total 26 9,341 5,073 8 8,978 4,199 0 15,793 4,763 0 521 892

Options Open Interest As at COB Fri 28 Mar 2025

  NSW VIC QLD SA
Jun 2025 3,483 2,897 1,651 25
Sep 2025 1,225 2,143 1,428 0
Dec 2025 375 175 300 0
Mar 2026 50 0 0 0
Jun 2026 0 0 0 0
Fin 2026 2,231 3,085 3,539 0
Cal 2026 2,414 2,456 3,813 0
Fin 2027 367 710 2,074 0
Cal 2027 185 740 1,133 0
Fin 2028 0 100 525 0
Cal 2028 0 0 275 0
Total 10,330 12,306 14,738 25

Historical Trade Volumes

YearTotal VolumeAverage Daily Volume
FY 2024-2025272,9821,429.23
FY 2023-2024519,9172,063.16
FY 2022-2023483,9611,912.89
Mar 202541,5122,075.60
Jan 202526,0561,240.76
Dec 202422,3251,116.25
Dec 202443,4092,067.10
Oct 202425,4151,105.00
Oct 202422,6701,079.52
Aug 202430,1801,371.82
Jul 202431,9441,388.87
Jul 202428,0931,478.58
May 202480,7083,509.04
May 202431,0351,551.75
Mar 202429,7181,485.90
Mar 202448,0122,286.29
Jan 202442,1462,006.95
Dec 202332,5491,713.11
Dec 202382,9883,772.18
Oct 202345,2112,055.05
Oct 202322,8371,087.48
Aug 202338,0681,655.13
Jul 202338,5521,835.81
Jul 202332,9451,568.81
May 202378,5383,414.70
May 202327,1151,595.00

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