Three snapshots of the NSW forward curve — today vs 3 months ago vs 1 year ago. X-axis = contract quarter.
Cal+1 = average of next calendar year's four quarterly contracts; Cal+2 = same for the year after. Tracks how the forward market reprices over time.
Cal+2 forward (blue) is what the market expects two calendar years out. Trailing 12-month spot (orange) is the 52-week rolling realised. Spread = forward risk premium.
How NSW/QLD/SA/VIC traded for the 2028 Q3 contract as it approached delivery. Spread between regions reflects interconnector capacity + dispatch expectations.