TRADING SUMMARY FOR THE WEEK ENDING MONDAY 25/08/2008

Weekly Highlights*

• Calendar 2009 base load prices for the eastern seaboard states were all moderately higher last week. QLD led the way with a rally of $1.22 from $49.96 to $51.18. NSW increased by $0.47 from $44.48 to $44.95, VIC rose $0.13 from $47.47 to $47.60. SA again remained unchanged on the week at $61.23.
• Options stand out trades last week included:
• VIC Calendar 2010 $56/$66 call spread traded at $2.30 and $2.55
• NSW Calendar 2010 $55/$65 call spread traded at $2.40
• QLD Calendar 2010 $55/$65 call spread traded at $2.60
• Overall open interest rose by 675 contracts last week. Futures increased by 315 contracts and options had a very strong week with a 9% increase of 360 calendar contracts (or 1,440 quarterly equivalent contracts).

Weekly Volume*

• Futures contracts traded this week (including Cap Futures) = 1,360
• Base Futures = 1,098
• Peak Futures = 73
• Caps = 189
• Calendar Options traded this week = 490 (or 1,960 quarterly equivalent contracts)
• Quarterly Options traded this week = 0
• Volume of EFP this week = 0
• Volume of Block Trades this week = 1,010
• Total MWh traded this week = 7,179,714
• Open Interest (including caps and options) as at COB Monday 25/08/08 = 45,999 contracts (124.95 million MWh)

Monthly Volume* ^

• FY 08/09 average daily volume = 631
• FY 07/08 average daily volume = 445
• FY 06/07 average daily volume = 461
• FY 05/06 average daily volume = 132
• Aug 2008 volume to date = 6,437 / average daily volume = 379
• July 2008 total volume = 18,807 / average daily volume = 818
• June 2008 total volume = 8,987 / average daily volume = 449
• May 2008 total volume = 13,284 / average daily volume = 604
• Apr 2008 total volume = 8,879 / average daily volume = 404
• Mar 2008 total volume = 6,973 / average daily volume = 332
• Feb 2008 total volume = 14,210 / average daily volume = 677
• Jan 2008 total volume = 7,262 / average daily volume = 363
• Dec 2007 total volume = 3,184 / average daily volume = 168
• Nov 2007 total volume = 13,331 / average daily volume = 606
• Oct 2007 total volume = 9,410 / average daily volume = 409
• Sep 2007 total volume = 9,683 / average daily volume = 570
• Aug 2007 total volume = 9,022 / average daily volume = 410
• July 2007 total volume = 6,669 / average daily volume = 303
• June 2007 total volume = 11,356 / average daily volume = 568

*volume includes futures trades which result from option exercise

^all contracts are 1 MW calendar quarter equivalent

Electricity Futures & Options Workshops - NEW SCHEDULE

d-cyphaTrade runs two workshops that aim to assist in the understanding of d-cypha SFE Electricity Products.

• The Level 1: Electricity Futures & Options Workshop is to be held in Melbourne on August 27.
• The Level 2: Options Trading Workshop is an introduction to option hedging strategies for energy companies and option volatility trading techniques for financial trading specialists. The next Options Trading workshop is in Sydney on September 4.

To secure a place in either above workshop or to organise an in-house workshop for 8 or more people please call a member of the d-cyphaTrade Team on 1800 330 101.