How Much Volume Has Been Traded on the ASX’s New Morning & Evening Peak Futures so Far?

Key Takeaways

• Evening Peak futures traded only 58 contracts total
• Morning Peak futures recorded zero trades since launch
• Strip variants added just two Evening Peak contracts
• Baseload futures traded nearly 50,000 contracts same period
• ASX negotiating market makers to boost peak futures liquidity

Pulse Analysis

The Australian Securities Exchange’s foray into peak‑load electricity futures reflects a broader push to diversify hedging instruments beyond traditional baseload contracts. By segmenting the market into Morning (6 am‑9 am) and Evening (4 pm‑9 pm) windows, ASX aimed to capture price dynamics tied to residential and industrial consumption spikes. Launched sequentially across NSW, QLD, VIC and SA between late June and July 2025, the contracts were positioned as quarterly instruments with strip options, theoretically offering traders flexible exposure to the National Electricity Market’s most volatile periods.

In practice, adoption has been tepid. With just 58 Evening Peak contracts and no Morning Peak activity recorded over eight months, the volume starkly contrasts with the roughly 50,000 baseload contracts traded in the same window. Several factors contribute to this disparity: entrenched OTC hedging practices, limited market‑maker presence, and a lack of clear price signals that attract speculative capital. The scarcity of trades hampers robust price discovery, leaving participants reliant on less transparent mechanisms and potentially exposing them to unmitigated peak‑price risk.

Looking ahead, ASX’s negotiations with two prospective market makers signal a strategic attempt to seed liquidity and stimulate broader participation. Successful market‑maker onboarding could narrow bid‑ask spreads, encourage speculative interest, and ultimately embed the peak contracts into standard risk‑management workflows. Stakeholders should monitor regulatory guidance, the evolution of the Power Symposium discussions, and any forthcoming incentives that could tip the scale toward a more vibrant peak‑load futures market.