TRADING SUMMARY FOR THE WEEK ENDING MONDAY 01/09/2008

August Highlights

• August 2008 had a solid turnover of 8,855 contracts or an average of 422 contracts per day. Traded volume equated to 19.2 million MWh, which was 108% of underlying NEM system demand. 8.6 million MWh was traded as futures and an impressive 10.6 million MWh was traded as options. This is the first time the options volume has exceeded the futures volume on any given month. The face value of this turnover was $993.5 million.

Weekly Highlights*

• Calendar 2009 base load prices were mixed last week. Both NSW and VIC rallied with NSW increasing by $0.04 from $45.58 to $45.62 and VIC rose $0.85 from $48.26 to $49.11. QLD decreased $0.76 from $52.00 to $51.24. SA again remained unchanged on the week at $61.23.
• Options highlight trades last week included:
• QLD Calendar 2010 $55/$65 call spread traded at $3.00
• NSW Calendar 2010 $55/$65 call spread traded at $2.90
• VIC Calendar 2010 $55/$65 call spread traded at $3.05
• VIC Calendar 2010 $49/$54 put spread traded at $2.60
• QLD Calendar 2009 $45 call traded at $7.40
• QLD Calendar 2010 $60 call traded at $3.55
• VIC Calendar 2009 $60 call traded at $0.17
• VIC Calendar 2009 $47 put traded at $1.50 and $1.55
• VIC Calendar 2009 $46 put traded at $1.15 and $1.30
• Overall open interest rose by 547 contracts last week. Futures increased by 252 contracts and again options had a very strong week with a 7% increase of 295 calendar contracts (or 1,180 quarterly equivalent contracts). This is over 16% increase in options open interest over the least 2 weeks.

Weekly Volume*

• Futures contracts traded this week (including Cap Futures) = 1,203
• Base Futures = 973
• Peak Futures = 5
• Caps = 225
• Calendar Options traded this week = 645 (or 2,580 quarterly equivalent contracts)
• Quarterly Options traded this week = 0
• Volume of EFP this week = 33
• Volume of Block Trades this week = 875
• Total MWh traded this week = 8,275,632
• Open Interest (including caps and options) as at COB Monday 01/09/08 = 46,649 contracts (129 million MWh)

Monthly Volume* ^

• FY 08/09 average daily volume = 645
• FY 07/08 average daily volume = 445
• FY 06/07 average daily volume = 461
• FY 05/06 average daily volume = 132
• Sep 2008 volume to date = 1,365 / average daily volume = 1,365
• Aug 2008 total volume = 8,855 / average daily volume = 422
• 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

• LAST CHANCE TO ENROL IN THIS THURSDAYS OPTION WORKSHOP

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

• Upcoming Workshop, Sydney September 4th.
• Level 2: Options Trading Workshop is an introduction to option hedging strategies for energy companies and option volatility trading techniques for financial trading specialists.

To secure a place in this 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.

For more information please see the Training section on our website.